Tobam Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Tobam boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 656.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 9,197 shares of the technology retailer’s stock after buying an additional 7,981 shares during the quarter. Tobam’s holdings in Best Buy were worth $789,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. William Allan Corp raised its position in Best Buy by 4.1% in the 4th quarter. William Allan Corp now owns 30,085 shares of the technology retailer’s stock worth $2,581,000 after purchasing an additional 1,184 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Best Buy by 64.3% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 38,443 shares of the technology retailer’s stock valued at $3,298,000 after buying an additional 15,052 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. raised its holdings in shares of Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares during the period. Bleakley Financial Group LLC lifted its stake in shares of Best Buy by 10.3% during the 4th quarter. Bleakley Financial Group LLC now owns 6,649 shares of the technology retailer’s stock worth $570,000 after acquiring an additional 621 shares during the last quarter. Finally, Centennial Wealth Advisory LLC boosted its holdings in Best Buy by 10.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 4,349 shares of the technology retailer’s stock valued at $373,000 after acquiring an additional 403 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is currently owned by insiders.

Best Buy Price Performance

NYSE BBY opened at $85.83 on Friday. The firm’s fifty day simple moving average is $86.01 and its two-hundred day simple moving average is $90.08. The firm has a market capitalization of $18.35 billion, a P/E ratio of 14.67, a P/E/G ratio of 2.16 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter last year, the firm earned $1.29 earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.38%. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent analyst reports. UBS Group reduced their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley reduced their price target on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 21st. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Wells Fargo & Company reduced their target price 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 Wednesday, November 27th. Finally, Telsey Advisory Group lowered their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.72.

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.