Kestra Private Wealth Services LLC Sells 534 Shares of Best Buy Co., Inc. (NYSE:BBY)

Kestra Private Wealth Services LLC trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 7.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,004 shares of the technology retailer’s stock after selling 534 shares during the period. Kestra Private Wealth Services LLC’s holdings in Best Buy were worth $548,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BBY. HS Management Partners LLC bought a new stake in Best Buy in the fourth quarter worth $103,854,000. Barclays PLC raised its holdings in Best Buy by 120.3% in the 3rd quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock worth $92,819,000 after acquiring an additional 729,605 shares during the period. Federated Hermes Inc. boosted its holdings in Best Buy by 36.2% during the third quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer’s stock valued at $179,680,000 after acquiring an additional 687,556 shares during the period. Van Hulzen Asset Management LLC grew its position in shares of Best Buy by 426.7% in the third quarter. Van Hulzen Asset Management LLC now owns 740,608 shares of the technology retailer’s stock valued at $51,450,000 after purchasing an additional 600,000 shares during the last quarter. Finally, Ceredex Value Advisors LLC increased its stake in shares of Best Buy by 73.1% in the fourth quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer’s stock worth $97,339,000 after purchasing an additional 518,920 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BBY. UBS Group raised their target price on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Truist Financial upped their target price on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. Citigroup raised their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” 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 upped their price objective for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. Finally, TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus price target of $84.60.

Insiders Place Their Bets

In other news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Corie S. Barry sold 366 shares of Best Buy 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 owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Corie S. Barry sold 28,042 shares of the firm’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 $2,293,835.60. Following the transaction, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock worth $4,253,900 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

Shares of BBY opened at $74.47 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock has a market cap of $16.11 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 1.94 and a beta of 1.50. The stock’s 50-day moving average price is $77.92 and its two-hundred day moving average price is $74.28. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $86.11.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. Best Buy’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.61 EPS. On average, equities analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 5.05%. 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%.

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.