Summit Financial LLC Acquires Shares of 3,992 Best Buy Co., Inc. (NYSE:BBY)

Summit Financial LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,992 shares of the technology retailer’s stock, valued at approximately $346,000.

Several other institutional investors also recently modified their holdings of the business. Rakuten Securities Inc. grew its holdings in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the 4th quarter worth approximately $32,000. OFI Invest Asset Management bought a new position in Best Buy during the 4th quarter valued at approximately $34,000. Trust Co. of Vermont raised its stake in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after buying an additional 384 shares during the last quarter. Finally, LRI Investments LLC boosted its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BBY. Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Morgan Stanley decreased their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Telsey Advisory Group cut their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Loop Capital restated a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $92.22.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

Shares of NYSE:BBY opened at $62.22 on Friday. The company has a market capitalization of $13.15 billion, a P/E ratio of 10.64, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm’s 50 day simple moving average is $81.51 and its two-hundred day simple moving average is $87.58. Best Buy Co., Inc. has a 1-year low of $61.86 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the previous year, the business earned $2.72 earnings per share. Research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.11%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.