Sagespring Wealth Partners LLC Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

Sagespring Wealth Partners LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 11,743 shares of the technology retailer's stock, valued at approximately $1,008,000.

Other hedge funds also recently made changes to their positions in the company. MML Investors Services LLC lifted its stake in Best Buy by 8.8% in the third quarter. MML Investors Services LLC now owns 14,769 shares of the technology retailer's stock worth $1,526,000 after acquiring an additional 1,193 shares during the period. Coldstream Capital Management Inc. purchased a new stake in Best Buy during the 3rd quarter valued at about $367,000. World Investment Advisors LLC bought a new stake in shares of Best Buy during the third quarter valued at approximately $5,234,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Best Buy in the third quarter worth $247,000. Finally, Tidal Investments LLC increased its holdings in Best Buy by 24.5% in the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer's stock worth $2,294,000 after buying an additional 4,370 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 completion of the transaction, the chief accounting officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Corie S. Barry acquired 13,500 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company's stock.

Best Buy Trading Up 3.9 %

NYSE:BBY traded up $2.34 during mid-day trading on Friday, hitting $61.97. 3,861,900 shares of the stock traded hands, compared to its average volume of 3,266,844. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $13.10 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The firm's 50 day moving average is $74.93 and its two-hundred day moving average is $84.17.

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

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 6.13%. Best Buy's dividend payout ratio is presently 88.99%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Barclays decreased their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 9th. Piper Sandler cut their price objective on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, Wedbush reissued a "neutral" rating and set a $90.00 price target on shares of Best Buy in a report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $91.28.

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.