International Assets Investment Management LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

International Assets Investment Management LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, Holdings Channel.com reports. The firm acquired 73,583 shares of the technology retailer’s stock, valued at approximately $5,760,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Commonwealth Retirement Investments LLC lifted its position in shares of Best Buy by 2.4% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 35,109 shares of the technology retailer’s stock valued at $2,748,000 after acquiring an additional 814 shares in the last quarter. Private Trust Co. NA lifted its position in Best Buy by 19.4% during the fourth quarter. Private Trust Co. NA now owns 4,669 shares of the technology retailer’s stock worth $365,000 after buying an additional 757 shares during the period. Comprehensive Financial Consultants Institutional Inc. lifted its position in Best Buy by 8.2% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 38,578 shares of the technology retailer’s stock worth $3,020,000 after buying an additional 2,916 shares during the period. Arizona State Retirement System lifted its position in Best Buy by 0.5% during the fourth quarter. Arizona State Retirement System now owns 53,835 shares of the technology retailer’s stock worth $4,214,000 after buying an additional 256 shares during the period. Finally, Ballentine Partners LLC lifted its position in Best Buy by 31.0% during the fourth quarter. Ballentine Partners LLC now owns 4,740 shares of the technology retailer’s stock worth $371,000 after buying an additional 1,121 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of NYSE BBY opened at $76.29 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $86.11. The business has a 50 day moving average price of $77.91 and a two-hundred day moving average price of $73.77. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The firm has a market cap of $16.43 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 2.04 and a beta of 1.49.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. During the same quarter last year, the firm earned $2.61 EPS. Best Buy’s quarterly revenue was down .6% on a year-over-year basis. Sell-side analysts expect that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio (DPR) is 66.08%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares in the company, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Insiders sold a total of 51,394 shares of company stock worth $4,206,247 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent analyst reports. Truist Financial increased their target price on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. Citigroup raised their price objective on Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, March 1st. Finally, Jefferies Financial Group cut their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average target price of $84.60.

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.