Wealth Enhancement Advisory Services LLC Acquires 57,520 Shares of Best Buy Co., Inc. (NYSE:BBY)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 49.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,806 shares of the technology retailer's stock after acquiring an additional 57,520 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.08% of Best Buy worth $14,827,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the fourth quarter worth about $32,000. Atlas Capital Advisors Inc. boosted its stake in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC raised its stake in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of Best Buy stock traded down $0.17 during trading on Wednesday, reaching $69.67. The company's stock had a trading volume of 2,495,822 shares, compared to its average volume of 3,320,521. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market cap of $14.75 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. The business's fifty day moving average price is $66.96 and its 200-day moving average price is $78.47.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 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 .9% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be paid a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.45%. Best Buy's dividend payout ratio is 92.91%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BBY shares. Wells Fargo & Company lowered their price target on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Loop Capital reduced their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Bank of America cut their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. Finally, Telsey Advisory Group restated an "outperform" rating and set a $90.00 price target on shares of Best Buy in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $86.11.

Insider Activity at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company's stock, valued at $2,348,048. This represents a 13.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is owned by corporate insiders.

Best Buy 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.