Stablepoint Partners LLC Purchases 1,691 Shares of Best Buy Co., Inc. (NYSE:BBY)

Stablepoint Partners LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 35.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,454 shares of the technology retailer’s stock after buying an additional 1,691 shares during the quarter. Stablepoint Partners LLC’s holdings in Best Buy were worth $554,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. boosted its position in Best Buy by 2.2% in the second quarter. Sei Investments Co. now owns 37,917 shares of the technology retailer’s stock valued at $3,196,000 after buying an additional 818 shares in the last quarter. Public Sector Pension Investment Board raised its stake in shares of Best Buy by 67.3% in the second quarter. Public Sector Pension Investment Board now owns 7,120 shares of the technology retailer’s stock valued at $600,000 after acquiring an additional 2,865 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Best Buy by 3.9% in the 2nd quarter. Bank of Montreal Can now owns 191,851 shares of the technology retailer’s stock worth $16,603,000 after acquiring an additional 7,123 shares in the last quarter. MBB Public Markets I LLC bought a new stake in Best Buy during the 2nd quarter worth approximately $1,047,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Best Buy by 3.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 145,555 shares of the technology retailer’s stock valued at $12,269,000 after purchasing an additional 5,197 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Down 1.0 %

Best Buy stock opened at $84.80 on Monday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 2.11 and a beta of 1.43. The company’s 50 day simple moving average is $86.49 and its 200 day simple moving average is $90.16.

Best Buy (NYSE:BBY) 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). The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the firm earned $1.29 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on BBY. DA Davidson reissued a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Barclays lowered their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. UBS Group reduced their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Finally, Truist Financial lowered their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

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.