Simplicity Solutions LLC Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

Simplicity Solutions LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,705 shares of the technology retailer’s stock, valued at approximately $447,000.

Other institutional investors also recently bought and sold shares of the company. Cary Street Partners Investment Advisory LLC boosted its position 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 in the last quarter. Clear Street Markets LLC lifted its position in shares of Best Buy by 90.6% in the first quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 183 shares in the last quarter. Hartford Financial Management Inc. lifted its position in shares of Best Buy by 56.5% in the fourth 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 in the last quarter. Stonebridge Capital Advisors LLC lifted its position in shares of Best Buy by 81.9% in the third 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 in the last quarter. Finally, Quarry LP purchased a new stake in shares of Best Buy in the first quarter valued at $48,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY stock opened at $76.00 on Friday. The firm has a market cap of $16.37 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year 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 stock has a 50-day simple moving average of $77.95 and a 200-day simple moving average of $73.85.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. 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 business posted $2.61 earnings per share. On average, equities analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.95%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is currently 66.08%.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $416,852.80. Following the completion of the transaction, the executive vice president now owns 76,226 shares of the company’s stock, valued at $6,235,286.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, 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 transaction of $290,153.60. Following the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $416,852.80. Following the transaction, the executive vice president now directly owns 76,226 shares in the company, valued at approximately $6,235,286.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,394 shares of company stock valued at $4,206,247. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Truist Financial upped their price objective on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. The Goldman Sachs Group upped their price objective on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Citigroup upped their price objective on Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, March 1st. Finally, Jefferies Financial Group dropped their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $84.60.

Best Buy Company 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.