Spectrum Wealth Counsel LLC Takes $4.15 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Spectrum Wealth Counsel LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, Holdings Channel.com reports. The firm purchased 48,394 shares of the technology retailer’s stock, valued at approximately $4,152,000.

Several other large investors also recently bought and sold shares of BBY. Private Advisor Group LLC increased its position in Best Buy by 9.1% during the third quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock worth $657,000 after buying an additional 530 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Best Buy by 3.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 13,913 shares of the technology retailer’s stock valued at $1,437,000 after acquiring an additional 443 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Best Buy by 1.8% in the 3rd quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the technology retailer’s stock valued at $1,147,000 after acquiring an additional 200 shares during the period. First Trust Direct Indexing L.P. increased its holdings in shares of Best Buy by 13.9% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,271 shares of the technology retailer’s stock valued at $441,000 after acquiring an additional 521 shares during the period. Finally, Cigna Investments Inc. New acquired a new position in shares of Best Buy in the 3rd quarter valued at $223,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE:BBY opened at $90.05 on Friday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The business has a 50-day moving average of $86.40 and a two-hundred day moving average of $90.57. The stock has a market capitalization of $19.25 billion, a P/E ratio of 15.39, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BBY shares. Guggenheim dropped their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. UBS Group restated a “buy” rating on shares of Best Buy in a report on Friday. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Best Buy in a research note on Friday. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, JPMorgan Chase & Co. increased their target price 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

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.