Maridea Wealth Management LLC Invests $651,000 in Best Buy Co., Inc. (NYSE:BBY)

Maridea Wealth Management LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 7,590 shares of the technology retailer’s stock, valued at approximately $651,000.

A number of other hedge funds have also bought and sold shares of the company. Rakuten Securities Inc. grew its holdings in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the period. Golden State Wealth Management LLC bought a new stake in Best Buy in the fourth quarter worth approximately $32,000. OFI Invest Asset Management acquired a new position in Best Buy in the fourth quarter valued at approximately $34,000. Trust Co. of Vermont boosted its holdings in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares in the last quarter. Finally, LRI Investments LLC grew its position in shares of 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 period. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $72.28 on Friday. The stock’s 50 day moving average price is $82.51 and its 200-day moving average price is $88.31. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a market capitalization of $15.28 billion, a PE ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 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 analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the previous year, the business posted $2.72 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio is currently 88.99%.

Insider Transactions at Best Buy

In related news, EVP Kathleen Scarlett sold 6,847 shares of Best Buy stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $497,434.55. Following the completion of the sale, the executive vice president now owns 87,389 shares of the company’s stock, valued at approximately $6,348,810.85. This trade represents a 7.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 in the last quarter. Insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Morgan Stanley cut their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Loop Capital restated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim reduced their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Finally, DA Davidson cut their target price on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $93.50.

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.