Harrell Investment Partners LLC Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

Harrell Investment Partners LLC cut its position in Best Buy Co., Inc. (NYSE:BBY) by 0.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 33,693 shares of the technology retailer’s stock after selling 165 shares during the quarter. Harrell Investment Partners LLC’s holdings in Best Buy were worth $2,891,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Exchange Traded Concepts LLC grew its stake in shares of Best Buy by 45.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 3,497 shares of the technology retailer’s stock worth $300,000 after acquiring an additional 1,097 shares during the period. CX Institutional grew its position in Best Buy by 1.0% during the fourth quarter. CX Institutional now owns 20,524 shares of the technology retailer’s stock valued at $1,761,000 after buying an additional 213 shares during the period. Impact Partnership Wealth LLC boosted its position in shares of Best Buy by 20.0% in the fourth quarter. Impact Partnership Wealth LLC now owns 11,938 shares of the technology retailer’s stock worth $1,024,000 after purchasing an additional 1,991 shares during the period. Donoghue Forlines LLC boosted its position in shares of Best Buy by 46.7% in the fourth quarter. Donoghue Forlines LLC now owns 18,099 shares of the technology retailer’s stock worth $1,553,000 after purchasing an additional 5,758 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of Best Buy by 60.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,670 shares of the technology retailer’s stock worth $1,430,000 after purchasing an additional 6,274 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BBY has been the topic of several research analyst reports. Truist Financial lowered their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. UBS Group dropped their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Loop Capital restated a “buy” rating and issued a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Finally, Wells Fargo & Company lowered their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Stock Down 1.0 %

BBY opened at $84.80 on Friday. The stock has a market capitalization of $18.13 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 2.11 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 debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The business has a 50-day moving average of $86.49 and a two-hundred day moving average of $90.14.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.43%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred 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 directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.59% of the stock is owned by company insiders.

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.