Best Buy Co., Inc. (NYSE:BBY) Position Boosted by Centennial Wealth Advisory LLC

Centennial Wealth Advisory LLC lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 21.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,290 shares of the technology retailer’s stock after acquiring an additional 941 shares during the quarter. Centennial Wealth Advisory LLC’s holdings in Best Buy were worth $389,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Rakuten Securities Inc. increased its stake in shares of 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 purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy in the fourth quarter worth about $31,000. Atlas Capital Advisors Inc. lifted its holdings in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after buying an additional 243 shares during the last quarter. Ancora Advisors LLC raised its stake in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the last quarter. Finally, Grove Bank & Trust raised its position in shares of Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 2,951 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 21,371 shares in the company, valued at $1,552,603.15. This represents a 12.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 804,374 shares of company stock valued at $58,735,581 in the last three months. Corporate insiders own 0.47% of the company’s stock.

Best Buy Trading Down 2.4%

Shares of Best Buy stock opened at $67.76 on Thursday. The company has a market capitalization of $14.32 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 1.83 and a beta of 1.25. The business has a fifty day simple moving average of $68.31 and a two-hundred day simple moving average of $77.27. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same quarter last year, the company earned $1.20 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. Research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be given a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.61%. Best Buy’s payout ratio is 92.91%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BBY. Wells Fargo & Company cut their target price on Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. Piper Sandler reduced their target price on Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Loop Capital decreased their price objective on shares of Best Buy from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, May 30th. UBS Group lowered their target price on Best Buy from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Finally, Barclays dropped their price target on shares of Best Buy from $89.00 to $74.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Best Buy has a consensus rating of “Hold” and a consensus target price of $86.11.

Best Buy 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.