Alpha Cubed Investments LLC Acquires 304 Shares of Best Buy Co., Inc. (NYSE:BBY)

Alpha Cubed Investments LLC raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.2% during the fourth quarter, HoldingsChannel reports. The firm owned 7,595 shares of the technology retailer’s stock after buying an additional 304 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Best Buy were worth $652,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BBY. Brighton Jones LLC raised its holdings in shares of Best Buy by 8.6% in the second quarter. Brighton Jones LLC now owns 2,737 shares of the technology retailer’s stock worth $231,000 after buying an additional 217 shares during the period. Benjamin Edwards Inc. increased its stake in Best Buy by 50.8% in the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after purchasing an additional 166 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Best Buy by 237.8% during the second quarter. Canada Pension Plan Investment Board now owns 177,859 shares of the technology retailer’s stock worth $14,992,000 after purchasing an additional 125,202 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Best Buy by 15.6% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 57,873 shares of the technology retailer’s stock valued at $4,878,000 after purchasing an additional 7,800 shares during the period. Finally, Sei Investments Co. raised its position in shares of Best Buy by 2.2% in the 2nd quarter. Sei Investments Co. now owns 37,917 shares of the technology retailer’s stock worth $3,196,000 after acquiring an additional 818 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $81.91 on Tuesday. The company has a market capitalization of $17.51 billion, a P/E ratio of 14.00, a P/E/G ratio of 2.06 and a beta of 1.43. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The business’s 50 day moving average is $87.02 and its two-hundred day moving average is $90.20. 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 posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to analysts’ expectations 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 for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.29 earnings per share. Analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.59%. Best Buy’s payout ratio is currently 64.27%.

Analyst Ratings Changes

Several research firms have issued reports on BBY. UBS Group cut 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. Wells Fargo & Company cut their price objective 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. Barclays lowered their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. JPMorgan Chase & Co. upped their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus target price of $100.72.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.59% of the company’s stock.

Best Buy 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.