Graypoint LLC Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Graypoint LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,970 shares of the technology retailer’s stock after buying an additional 799 shares during the period. Graypoint LLC’s holdings in Best Buy were worth $855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Richardson Financial Services Inc. lifted its holdings in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the 3rd quarter worth about $40,000. LRI Investments LLC lifted its holdings in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Best Buy during the 3rd quarter worth about $44,000. Finally, Benjamin Edwards Inc. lifted its holdings in Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after buying an additional 166 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BBY shares. Truist Financial reduced their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. UBS Group reduced their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Telsey Advisory Group reduced their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.72.

Best Buy Stock Performance

NYSE BBY opened at $83.22 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $87.97 and its two-hundred day moving average is $90.15. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The stock has a market capitalization of $17.79 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 2.19 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results 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). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the previous year, the firm posted $1.29 EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.52%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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.