Flagship Wealth Advisors LLC Purchases New Shares in Best Buy Co., Inc. (NYSE:BBY)

Flagship Wealth Advisors LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 945 shares of the technology retailer’s stock, valued at approximately $81,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Raymond James Financial Inc. purchased a new stake in Best Buy in the 4th quarter valued at $514,483,000. Nordea Investment Management AB raised its position in Best Buy by 563.8% in the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after purchasing an additional 503,204 shares during the last quarter. National Bank of Canada FI raised its position in Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after purchasing an additional 479,256 shares during the last quarter. Bank of New York Mellon Corp raised its position in Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after purchasing an additional 459,353 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after purchasing an additional 395,415 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Morgan Stanley cut their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Guggenheim cut their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Jefferies Financial Group cut their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, UBS Group set a $105.00 price objective on shares of Best Buy in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $93.50.

Best Buy Price Performance

Shares of NYSE BBY opened at $73.70 on Tuesday. The stock has a market cap of $15.76 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company’s 50-day moving average price is $84.18 and its 200 day moving average price is $89.77. 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 (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the company earned $2.72 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

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.