WBI Investments LLC Has $3.22 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

WBI Investments LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 127.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 37,563 shares of the technology retailer’s stock after acquiring an additional 21,020 shares during the quarter. Best Buy makes up about 0.8% of WBI Investments LLC’s investment portfolio, making the stock its 24th biggest position. WBI Investments LLC’s holdings in Best Buy were worth $3,223,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. increased its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. raised its holdings in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after buying an additional 243 shares during the last quarter. Ancora Advisors LLC boosted its position in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after buying an additional 374 shares during the period. Finally, OFI Invest Asset Management bought a new stake in Best Buy during the 4th quarter worth approximately $34,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $73.79 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a 50-day simple moving average of $67.90 and a 200 day simple moving average of $80.21. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a market capitalization of $15.62 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the business earned $2.72 EPS. On average, research analysts predict 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 was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is presently 88.99%.

Analyst Ratings Changes

Several research analysts recently issued reports on BBY shares. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Truist Financial lowered their price target on shares of Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Loop Capital reissued a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Wedbush reiterated a “neutral” rating and set a $90.00 price target on shares of Best Buy in a report on Monday, March 3rd. Finally, Wells Fargo & Company cut their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $91.28.

Insider Activity

In other news, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 2,951 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the transaction, the chief accounting officer now owns 21,371 shares of the company’s stock, valued at $1,552,603.15. This trade represents a 12.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 over the last ninety days. Company insiders own 0.47% of the company’s stock.

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.