Ashton Thomas Private Wealth LLC Acquires 215 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ashton Thomas Private Wealth LLC grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,354 shares of the technology retailer’s stock after acquiring an additional 215 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Best Buy were worth $291,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Best Buy in the fourth quarter worth approximately $32,000. LRI Investments LLC increased its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Best Buy in the third quarter worth $44,000. Finally, Richardson Financial Services Inc. increased its stake in shares of Best Buy by 71.9% in the fourth quarter. Richardson Financial Services Inc. now owns 550 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 230 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BBY shares. Loop Capital reissued a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Morgan Stanley cut their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Piper Sandler cut their target price on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. DA Davidson cut their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Wedbush reaffirmed a “neutral” rating and set a $90.00 target price on shares of Best Buy in a research note on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $93.50.

Best Buy Price Performance

Best Buy stock opened at $74.82 on Wednesday. The firm has a 50-day moving average price of $85.23 and a 200-day moving average price of $90.32. The firm has a market capitalization of $16.00 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter last year, the business earned $2.72 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.08%. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

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.