James Investment Research Inc. Lowers Stock Position in Best Buy Co., Inc. (NYSE:BBY)

James Investment Research Inc. reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,101 shares of the technology retailer’s stock after selling 691 shares during the period. James Investment Research Inc.’s holdings in Best Buy were worth $1,553,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Greenleaf Trust lifted its holdings in Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after purchasing an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC lifted its holdings in Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after purchasing an additional 118 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in Best Buy by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock worth $2,566,000 after purchasing an additional 145 shares in the last quarter. Access Investment Management LLC lifted its holdings in Best Buy by 12.2% in the 3rd quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock worth $143,000 after purchasing an additional 150 shares in the last quarter. Finally, Claro Advisors LLC lifted its holdings in Best Buy by 5.7% in the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock worth $246,000 after purchasing an additional 154 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Guggenheim reduced their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. UBS Group reduced their price objective 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. Wells Fargo & Company reduced their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Stock Performance

Shares of Best Buy stock opened at $91.16 on Friday. The stock’s fifty day moving average is $85.76 and its two-hundred day moving average is $90.07. The company has a market capitalization of $19.49 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 2.01 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

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

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

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.