Avory & Company LLC Purchases 154 Shares of Best Buy Co., Inc. (NYSE:BBY)

Avory & Company LLC increased its position in Best Buy Co., Inc. (NYSE:BBY) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 6,011 shares of the technology retailer’s stock after acquiring an additional 154 shares during the quarter. Best Buy accounts for about 0.3% of Avory & Company LLC’s investment portfolio, making the stock its 18th biggest holding. Avory & Company LLC’s holdings in Best Buy were worth $471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Cerity Partners LLC grew its holdings in shares of Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after acquiring an additional 8,042 shares during the period. Kingswood Wealth Advisors LLC bought a new stake in shares of Best Buy in the fourth quarter worth $317,000. Mirabella Financial Services LLP bought a new stake in shares of Best Buy in the third quarter worth $831,000. Van ECK Associates Corp grew its holdings in Best Buy by 35.6% during the third quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock valued at $6,550,000 after purchasing an additional 24,763 shares during the period. Finally, abrdn plc grew its holdings in Best Buy by 12.5% during the fourth quarter. abrdn plc now owns 770,020 shares of the technology retailer’s stock valued at $60,277,000 after purchasing an additional 85,286 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 1.5 %

BBY stock traded down $1.14 during midday trading on Tuesday, reaching $73.86. 1,998,386 shares of the company traded hands, compared to its average volume of 2,949,141. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The business has a 50 day moving average of $78.04 and a 200-day moving average of $74.20. The firm has a market capitalization of $15.91 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 1.96 and a beta of 1.49.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This is an increase from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a yield of 5.09%. Best Buy’s dividend payout ratio is 66.08%.

Wall Street Analyst Weigh In

Several analysts have issued reports on BBY shares. UBS Group boosted their price target on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. TheStreet raised Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Wedbush upped their price objective on Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. Finally, Truist Financial upped their price objective on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $84.60.

Insider Buying and Selling at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Corie S. Barry sold 366 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at approximately $1,823,186.74. The disclosure for this sale can be found here. Insiders have sold a total of 52,023 shares of company stock worth $4,253,900 over the last ninety days. Company insiders own 0.56% of the company’s stock.

About Best Buy

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.