Personal Wealth Partners bought a new position in shares of Best Buy Co Inc (NYSE:BBY) during the 1st quarter, Holdings Channel reports. The fund bought 3,190 shares of the technology retailer’s stock, valued at approximately $227,000.
Other large investors also recently added to or reduced their stakes in the company. Signet Investment Advisory Group Inc. purchased a new stake in Best Buy during the 4th quarter worth approximately $31,000. Larson Financial Group LLC purchased a new stake in Best Buy during the 4th quarter worth approximately $33,000. Semmax Financial Advisors Inc. purchased a new stake in Best Buy during the 4th quarter worth approximately $33,000. PRW Wealth Management LLC purchased a new stake in Best Buy during the 4th quarter worth approximately $33,000. Finally, Pearl River Capital LLC purchased a new stake in Best Buy during the 4th quarter worth approximately $34,000. 84.10% of the stock is currently owned by institutional investors.
Shares of BBY stock traded up $0.73 during trading hours on Wednesday, hitting $73.89. The company’s stock had a trading volume of 625,742 shares, compared to its average volume of 2,711,423. The company has a market capitalization of $19.59 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.44 and a beta of 0.94. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.18 and a quick ratio of 0.46. Best Buy Co Inc has a 12-month low of $47.72 and a 12-month high of $84.37.
Best Buy (NYSE:BBY) last posted its earnings results on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.15. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. The firm had revenue of $14.80 billion during the quarter, compared to analysts’ expectations of $14.69 billion. During the same period in the previous year, the business posted $2.42 EPS. The business’s revenue was down 3.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Best Buy Co Inc will post 5.63 earnings per share for the current year.
Best Buy declared that its board has initiated a stock repurchase plan on Wednesday, February 27th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the technology retailer to repurchase up to 18.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were paid a $0.50 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend was Tuesday, March 19th. Best Buy’s payout ratio is currently 37.59%.
In related news, CFO Corie S. Barry sold 27,788 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $68.55, for a total value of $1,904,867.40. Following the completion of the transaction, the chief financial officer now directly owns 120,093 shares in the company, valued at approximately $8,232,375.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $69.99, for a total transaction of $69,990.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,239,284 shares of company stock valued at $85,077,082. Company insiders own 0.75% of the company’s stock.
Several research firms have weighed in on BBY. Wedbush reissued a “neutral” rating and set a $65.00 target price on shares of Best Buy in a research report on Friday, February 22nd. Evercore ISI assumed coverage on shares of Best Buy in a report on Wednesday, March 20th. They issued an “in-line” rating and a $75.00 price objective on the stock. Bank of America raised shares of Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 price objective on the stock in a report on Wednesday, February 27th. Zacks Investment Research downgraded shares of Best Buy from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. Finally, Citigroup upped their price objective on shares of Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. Best Buy presently has an average rating of “Hold” and an average target price of $76.82.
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About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
Further Reading: Fiduciary
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