Hoxton Planning & Management LLC Makes New $229,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Hoxton Planning & Management LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,927 shares of the technology retailer’s stock, valued at approximately $229,000.

A number of other hedge funds have also modified their holdings of BBY. Cary Street Partners Investment Advisory LLC raised its stake in Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 302 shares during the period. Stonebridge Capital Advisors LLC raised its stake in shares of Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 185 shares during the period. Hartford Financial Management Inc. raised its stake in shares of Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 140 shares during the period. Clear Street Markets LLC lifted its holdings in shares of Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 183 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its position in shares of Best Buy by 30.5% during the 3rd quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock worth $46,000 after purchasing an additional 169 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, EVP Kathleen Scarlett sold 5,096 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $416,852.80. Following the completion of the sale, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at approximately $6,235,286.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 3,973 shares of Best Buy stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares in the company, valued at $2,119,601.60. The disclosure for this sale can be found here. Insiders sold a total of 51,394 shares of company stock worth $4,206,247 in the last 90 days. 0.56% of the stock is owned by insiders.

Best Buy Trading Down 2.2 %

BBY opened at $76.29 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $86.11. The company has a market cap of $16.43 billion, a P/E ratio of 13.41, a PEG ratio of 2.04 and a beta of 1.49. The business’s 50-day simple moving average is $77.91 and its 200-day simple moving average is $73.77.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. The company had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. Best Buy’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.61 earnings per share. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.93%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s payout ratio is presently 66.08%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Truist Financial upped their price target on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and raised their target price for the company from $85.00 to $95.00 in a report on Wednesday, March 20th. Citigroup increased their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. UBS Group lifted their price objective on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Finally, Morgan Stanley increased their target price on shares of Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $84.60.

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.