Peloton Wealth Strategists Sells 525 Shares of Best Buy Co., Inc. (NYSE:BBY)

Peloton Wealth Strategists trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 1.5% in the 4th quarter, Holdings Channel reports. The firm owned 34,050 shares of the technology retailer’s stock after selling 525 shares during the quarter. Peloton Wealth Strategists’ holdings in Best Buy were worth $2,921,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. QRG Capital Management Inc. boosted its holdings in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares during the period. Asset Management One Co. Ltd. boosted its holdings in Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Klein Pavlis & Peasley Financial Inc. boosted its holdings in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after purchasing an additional 8,640 shares during the period. Merit Financial Group LLC bought a new position in Best Buy in the 4th quarter valued at $453,000. Finally, Alberta Investment Management Corp boosted its holdings in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after purchasing an additional 21,200 shares during the period. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. Truist Financial lowered their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Barclays lowered their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Loop Capital restated a “buy” rating and set a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $101.72.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value 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. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Shares of Best Buy stock opened at $88.61 on Friday. The firm has a market cap of $18.95 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. 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’s fifty day simple moving average is $86.31 and its two-hundred day simple moving average is $90.50.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the business earned $1.29 EPS. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

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.