SVB Wealth LLC Sells 41,549 Shares of Best Buy Co., Inc. (NYSE:BBY)

SVB Wealth LLC decreased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 29.1% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 101,328 shares of the technology retailer's stock after selling 41,549 shares during the period. SVB Wealth LLC's holdings in Best Buy were worth $7,932,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Cary Street Partners Investment Advisory LLC boosted its holdings in Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer's stock worth $25,000 after purchasing an additional 302 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its stake in shares of Best Buy by 81.9% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer's stock worth $29,000 after buying an additional 185 shares during the last quarter. Hartford Financial Management Inc. boosted its stake in shares of Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer's stock worth $30,000 after buying an additional 140 shares during the last quarter. Clear Street Markets LLC grew its holdings in shares of Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer's stock valued at $30,000 after acquiring an additional 183 shares in the last quarter. Finally, Clearstead Advisors LLC increased its position in shares of Best Buy by 30.5% in the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer's stock valued at $46,000 after acquiring an additional 169 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BBY. JPMorgan Chase & Co. upgraded Best Buy from a "neutral" rating to an "overweight" rating and raised their price target for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Jefferies Financial Group dropped their price target on shares of Best Buy from $95.00 to $94.00 and set a "buy" rating on the stock in a research report on Monday, April 8th. Morgan Stanley lifted their price objective on shares of Best Buy from $80.00 to $82.00 and gave the company an "equal weight" rating in a research report on Friday, March 1st. The Goldman Sachs Group upped their target price on shares of Best Buy from $81.00 to $90.00 and gave the company a "buy" rating in a report on Friday, March 1st. Finally, Citigroup raised their target price on shares of Best Buy from $67.00 to $76.00 and gave the company a "sell" rating in a research note on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $84.60.

Best Buy Stock Performance

Shares of BBY traded up $1.04 during midday trading on Wednesday, reaching $76.21. 2,306,979 shares of the stock were exchanged, compared to its average volume of 3,048,480. The stock's 50 day simple moving average is $77.94 and its 200 day simple moving average is $73.83. The company has a market cap of $16.41 billion, a P/E ratio of 13.39, a PEG ratio of 1.99 and a beta of 1.49. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business had revenue of $14.65 billion during the quarter, compared to analysts' expectations of $14.58 billion. During the same quarter in the previous year, the company earned $2.61 EPS. The business's revenue was down .6% on a year-over-year basis. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. This is a boost from Best Buy's previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a yield of 4.93%. Best Buy's payout ratio is currently 66.08%.

Insider Activity

In related news, CAO Mathew Watson sold 3,520 shares of the business's stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares of the company's stock, valued at $1,823,186.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Best Buy news, CAO Mathew Watson sold 3,520 shares of the business's stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the firm's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now directly owns 429,159 shares in the company, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. In the last three months, insiders sold 51,394 shares of company stock worth $4,206,247. 0.56% of the stock is currently owned by company insiders.

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.