Graypoint LLC Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Graypoint LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBYFree Report) by 8.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,970 shares of the technology retailer’s stock after buying an additional 799 shares during the quarter. Graypoint LLC’s holdings in Best Buy were worth $855,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake in Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after buying an additional 241,988 shares in the last quarter. Geode Capital Management LLC lifted its stake in Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares in the last quarter. Raymond James & Associates lifted its stake in Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after buying an additional 235,478 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its stake in Best Buy by 3.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock valued at $143,396,000 after buying an additional 44,693 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 1.2 %

Shares of NYSE BBY opened at $83.22 on Friday. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market cap of $17.79 billion, a P/E ratio of 14.23, a P/E/G ratio of 2.19 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a fifty day moving average price of $87.97 and a 200 day moving average price of $90.15.

Best Buy (NYSE:BBYGet Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.52%. Best Buy’s dividend payout ratio is currently 64.27%.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent analyst reports. Telsey Advisory Group reduced their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Barclays reduced their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday. Loop Capital reissued a “buy” rating and set a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. increased their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average target price of $100.72.

Read Our Latest Analysis on Best Buy

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.59% of the company’s stock.

About Best Buy

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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