Scissortail Wealth Management LLC Has $2.07 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Scissortail Wealth Management LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 6,251.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,071 shares of the technology retailer’s stock after purchasing an additional 23,692 shares during the quarter. Scissortail Wealth Management LLC’s holdings in Best Buy were worth $2,065,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BBY. Brookstone Capital Management increased its stake in Best Buy by 3.5% during the 4th quarter. Brookstone Capital Management now owns 10,268 shares of the technology retailer’s stock worth $881,000 after acquiring an additional 351 shares during the period. AdvisorNet Financial Inc grew its holdings in shares of Best Buy by 70.1% during the 4th quarter. AdvisorNet Financial Inc now owns 951 shares of the technology retailer’s stock worth $82,000 after purchasing an additional 392 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Best Buy by 142.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 33,741 shares of the technology retailer’s stock worth $2,895,000 after purchasing an additional 19,828 shares during the period. Park Avenue Securities LLC raised its stake in Best Buy by 24.8% in the fourth quarter. Park Avenue Securities LLC now owns 10,334 shares of the technology retailer’s stock valued at $887,000 after purchasing an additional 2,053 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in Best Buy during the fourth quarter worth about $351,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Piper Sandler decreased their target price on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Morgan Stanley decreased their price objective 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. Evercore ISI lowered their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Bank of America reduced their target price on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Finally, Guggenheim decreased their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.28.

Insider Buying and Selling

In related news, CEO Corie S. Barry acquired 13,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the sale, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last three months. Insiders own 0.47% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $73.79 on Friday. The stock’s 50-day moving average is $67.90 and its 200-day moving average is $80.35. The stock has a market cap of $15.62 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. 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 (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for 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 period in the previous year, the firm posted $2.72 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.15%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. Best Buy’s dividend payout ratio is presently 88.99%.

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.