Parallel Advisors LLC lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 7.3% in the first quarter, Holdings Channel.com reports. The fund owned 1,730 shares of the technology retailer’s stock after purchasing an additional 117 shares during the period. Parallel Advisors LLC’s holdings in Best Buy were worth $199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the company. Altium Wealth Management LLC boosted its holdings in shares of Best Buy by 4.2% in the fourth quarter. Altium Wealth Management LLC now owns 2,194 shares of the technology retailer’s stock worth $219,000 after acquiring an additional 89 shares during the period. QS Investors LLC boosted its holdings in shares of Best Buy by 0.3% in the fourth quarter. QS Investors LLC now owns 29,072 shares of the technology retailer’s stock worth $2,901,000 after acquiring an additional 97 shares during the period. Doheny Asset Management CA boosted its holdings in shares of Best Buy by 2.7% in the fourth quarter. Doheny Asset Management CA now owns 3,850 shares of the technology retailer’s stock worth $384,000 after acquiring an additional 100 shares during the period. Jennison Associates LLC boosted its holdings in shares of Best Buy by 0.7% in the fourth quarter. Jennison Associates LLC now owns 15,256 shares of the technology retailer’s stock worth $1,522,000 after acquiring an additional 101 shares during the period. Finally, Huntington National Bank boosted its holdings in shares of Best Buy by 4.4% in the fourth quarter. Huntington National Bank now owns 2,819 shares of the technology retailer’s stock worth $281,000 after acquiring an additional 118 shares during the period. 76.56% of the stock is owned by hedge funds and other institutional investors.
BBY opened at $117.47 on Tuesday. The stock has a fifty day simple moving average of $117.80 and a two-hundred day simple moving average of $112.64. The company has a current ratio of 1.12, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. The company has a market cap of $29.37 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth ratio of 1.40 and a beta of 1.52. Best Buy Co., Inc. has a 12-month low of $70.71 and a 12-month high of $124.89.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Wednesday, February 24th. The technology retailer reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.02. Best Buy had a return on equity of 52.17% and a net margin of 3.79%. The firm had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $17.19 billion. On average, analysts predict that Best Buy Co., Inc. will post 7.9 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, April 8th. Stockholders of record on Thursday, March 18th were issued a dividend of $0.70 per share. The ex-dividend date was Wednesday, March 17th. This is an increase from Best Buy’s previous quarterly dividend of $0.55. This represents a $2.80 annualized dividend and a dividend yield of 2.38%. Best Buy’s dividend payout ratio (DPR) is presently 46.13%.
In related news, insider Kathleen Scarlett sold 1,078 shares of the stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total transaction of $122,762.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 567 shares of the stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total transaction of $64,569.96. The disclosure for this sale can be found here. Insiders have sold 41,821 shares of company stock valued at $4,923,594 over the last 90 days. Corporate insiders own 0.64% of the company’s stock.
BBY has been the subject of a number of analyst reports. Citigroup initiated coverage on Best Buy in a report on Monday, March 15th. They issued a “sell” rating and a $86.00 price target for the company. Bank of America reiterated a “buy” rating on shares of Best Buy in a research report on Tuesday, February 16th. Morgan Stanley decreased their price objective on shares of Best Buy from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 4th. Zacks Investment Research upgraded shares of Best Buy from a “sell” rating to a “hold” rating and set a $125.00 price objective on the stock in a research report on Wednesday, April 28th. Finally, Wedbush restated a “neutral” rating and issued a $125.00 price objective (down from $135.00) on shares of Best Buy in a research report on Monday. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $111.05.
Best Buy Company Profile
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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