Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Mission Wealth Management LP

Mission Wealth Management LP cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 19.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,629 shares of the technology retailer’s stock after selling 2,504 shares during the quarter. Mission Wealth Management LP’s holdings in Best Buy were worth $912,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BBY. IFP Advisors Inc boosted its holdings in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares during the last quarter. Rothschild Investment LLC boosted its stake in Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after buying an additional 142 shares during the last quarter. Yousif Capital Management LLC grew 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 valued at $2,566,000 after buying an additional 145 shares in the last quarter. Access Investment Management LLC increased its stake in shares of 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 acquiring an additional 150 shares during the last quarter. Finally, Claro Advisors LLC increased its stake in shares of 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 acquiring an additional 154 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of analyst reports. Wells Fargo & Company reissued an “equal weight” rating on shares of Best Buy in a report on Friday. Loop Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Jefferies Financial Group lowered their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday. Citigroup cut their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Best Buy in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $101.33.

Best Buy Price Performance

Best Buy stock opened at $75.40 on Wednesday. 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. The firm has a market cap of $16.12 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company’s 50 day moving average is $86.20 and its two-hundred day moving average is $90.62.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the firm earned $2.72 earnings per share. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.04%. Best Buy’s payout ratio is currently 64.27%.

Insider Buying and Selling

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

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.