Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by NewEdge Advisors LLC

NewEdge Advisors LLC boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 45.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,852 shares of the technology retailer's stock after purchasing an additional 20,277 shares during the period. NewEdge Advisors LLC's holdings in Best Buy were worth $5,564,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. World Investment Advisors LLC bought a new position in Best Buy during the 3rd quarter worth $5,234,000. Wilmington Savings Fund Society FSB bought a new position in Best Buy in the 3rd quarter valued at approximately $247,000. Tidal Investments LLC lifted its holdings in shares of Best Buy by 24.5% during the third quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer's stock worth $2,294,000 after purchasing an additional 4,370 shares during the period. Franklin Resources Inc. lifted its holdings in Best Buy by 36.5% during the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer's stock worth $73,016,000 after buying an additional 201,562 shares during the period. Finally, Retirement Systems of Alabama boosted its holdings in Best Buy by 0.7% in the third quarter. Retirement Systems of Alabama now owns 42,782 shares of the technology retailer's stock valued at $4,419,000 after acquiring an additional 306 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.59% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group set a $105.00 price objective on shares of Best Buy in a research report on Wednesday, March 5th. Jefferies Financial Group lowered their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Loop Capital reissued a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Bank of America cut their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Finally, Morgan Stanley dropped their target price 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. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Best Buy has an average rating of "Hold" and a consensus target price of $91.28.

Best Buy Price Performance

NYSE:BBY traded up $2.04 during trading hours on Friday, reaching $68.04. The stock had a trading volume of 1,980,178 shares, compared to its average volume of 3,713,947. The stock has a market capitalization of $14.38 billion, a PE ratio of 11.63, a PEG ratio of 2.10 and a beta of 1.42. The company has a 50 day moving average price of $72.86 and a two-hundred day moving average price of $83.20. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter in the prior year, the firm posted $2.72 earnings per share. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a $0.95 dividend. The ex-dividend date of this dividend was Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.58%. Best Buy's payout ratio is presently 88.99%.

About Best Buy

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.