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

International Assets Investment Management LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 73,583 shares of the technology retailer’s stock, valued at approximately $5,760,000.

Several other large investors have also added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC boosted its position in Best Buy by 549.1% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after buying an additional 302 shares during the last quarter. Stonebridge Capital Advisors LLC raised its position in Best Buy by 81.9% during the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 185 shares in the last quarter. CENTRAL TRUST Co lifted its holdings in Best Buy by 72.5% in the fourth quarter. CENTRAL TRUST Co now owns 1,004 shares of the technology retailer’s stock valued at $79,000 after acquiring an additional 422 shares during the period. NBC Securities Inc. purchased a new stake in Best Buy in the 3rd quarter worth approximately $80,000. Finally, Allworth Financial LP grew its stake in shares of Best Buy by 14.6% during the 3rd quarter. Allworth Financial LP now owns 1,215 shares of the technology retailer’s stock worth $84,000 after purchasing an additional 155 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the firm’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 transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock worth $4,253,900 over the last 90 days. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Down 1.8 %

Shares of NYSE:BBY opened at $73.06 on Wednesday. The business has a 50-day moving average price of $77.75 and a 200 day moving average price of $74.34. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.94 and a beta of 1.50. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $86.11. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS 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 company had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. During the same period last year, the business posted $2.61 EPS. Best Buy’s revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend was Wednesday, March 20th. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio (DPR) is currently 66.08%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BBY shares. Truist Financial lifted their price objective on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a report on Friday, March 1st. Wedbush lifted their price target on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $89.00 to $101.00 in a report on Friday, March 22nd. TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Finally, Jefferies Financial Group reduced their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $84.00.

About Best Buy

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.