Waterway Wealth Management LLC Increases Position in Best Buy Co., Inc. (NYSE:BBY)

Waterway Wealth Management LLC grew its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 19.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,296 shares of the technology retailer’s stock after purchasing an additional 1,180 shares during the quarter. Waterway Wealth Management LLC’s holdings in Best Buy were worth $626,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Private Advisor Group LLC lifted its position in shares of Best Buy by 9.1% in the 3rd quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock worth $657,000 after purchasing an additional 530 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Best Buy by 3.3% in the third quarter. Assenagon Asset Management S.A. now owns 13,913 shares of the technology retailer’s stock worth $1,437,000 after purchasing an additional 443 shares during the last quarter. Louisiana State Employees Retirement System grew its position in Best Buy by 1.8% in the 3rd quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the technology retailer’s stock worth $1,147,000 after purchasing an additional 200 shares during the period. First Trust Direct Indexing L.P. raised its stake in Best Buy by 13.9% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,271 shares of the technology retailer’s stock valued at $441,000 after buying an additional 521 shares during the last quarter. Finally, SteelPeak Wealth LLC bought a new position in shares of Best Buy in the third quarter worth approximately $951,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy 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 of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.59% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. UBS Group lowered their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Loop Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. Morgan Stanley decreased their price objective on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. Truist Financial dropped their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Finally, Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Stock Performance

Shares of NYSE BBY opened at $88.61 on Friday. The company has a market capitalization of $18.95 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company’s fifty day moving average price is $86.31 and its 200 day moving average price is $90.50. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business earned $1.29 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

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.