HBK Sorce Advisory LLC Boosts Holdings in Best Buy Co., Inc. (NYSE:BBY)

HBK Sorce Advisory LLC lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 27.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,521 shares of the technology retailer’s stock after purchasing an additional 550 shares during the period. HBK Sorce Advisory LLC’s holdings in Best Buy were worth $216,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after purchasing an additional 395,415 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Best Buy in the 4th quarter worth about $514,483,000. Geode Capital Management LLC lifted its position in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after purchasing an additional 120,185 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of Best Buy by 17.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer’s stock worth $137,816,000 after purchasing an additional 236,524 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE BBY opened at $71.56 on Friday. The firm’s 50-day moving average price is $84.40 and its 200-day moving average price is $89.94. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market cap of $15.30 billion, a PE ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate 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 firm posted $2.72 earnings per share. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.31%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BBY. Wells Fargo & Company decreased their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Truist Financial decreased their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Citigroup decreased their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Bank of America decreased their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $93.50.

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.