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

Sequoia Financial Advisors LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,581 shares of the technology retailer’s stock, valued at approximately $280,000.

Several other large investors have also recently made changes to their positions in BBY. Cary Street Partners Investment Advisory LLC increased its position in shares of Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 302 shares during the last quarter. Stonebridge Capital Advisors LLC increased its holdings in Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 185 shares during the last quarter. Clear Street Markets LLC increased its holdings in Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 183 shares during the last quarter. Clearstead Advisors LLC boosted its stake in Best Buy by 30.5% in the 3rd quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock worth $46,000 after purchasing an additional 169 shares during the period. Finally, Quarry LP bought a new position in Best Buy in the 1st quarter worth about $48,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $76.15 on Friday. The business has a 50 day moving average of $77.96 and a 200 day moving average of $73.89. The company has a market capitalization of $16.40 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.99 and a beta of 1.49. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The company had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. Best Buy’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.61 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $3.76 annualized dividend and a yield of 4.94%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s payout ratio is presently 66.08%.

Analysts Set New Price Targets

Several research analysts have commented on BBY shares. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Citigroup raised their target price on Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. Barclays raised their target price on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, Truist Financial raised their target price on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $84.60.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mathew Watson sold 2,505 shares of the company’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 transaction, the chief accounting officer now owns 25,638 shares in the company, valued at $2,097,188.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,023 shares of company stock worth $4,253,900. 0.56% of the stock is currently owned by insiders.

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.