Larson Financial Group LLC Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Larson Financial Group LLC increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 10.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,058 shares of the technology retailer’s stock after purchasing an additional 595 shares during the quarter. Larson Financial Group LLC’s holdings in Best Buy were worth $520,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Best Buy in the fourth quarter worth about $46,000. Ashton Thomas Private Wealth LLC grew its position in Best Buy by 6.8% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,354 shares of the technology retailer’s stock worth $291,000 after acquiring an additional 215 shares during the last quarter. Inceptionr LLC purchased a new position in Best Buy in the 4th quarter worth approximately $250,000. Raymond James Financial Inc. purchased a new stake in shares of Best Buy during the fourth quarter valued at approximately $514,483,000. Finally, Arizona State Retirement System grew its holdings in shares of Best Buy by 0.9% in the fourth quarter. Arizona State Retirement System now owns 59,249 shares of the technology retailer’s stock worth $5,084,000 after purchasing an additional 538 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.59% of the stock is owned by insiders.

Best Buy Trading Up 1.3 %

Shares of NYSE BBY opened at $79.66 on Monday. The stock has a market cap of $17.03 billion, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm has a 50-day moving average of $85.58 and a 200 day moving average of $90.46.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion during 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 last year, the business earned $2.72 earnings per share. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 4.77%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent analyst reports. Piper Sandler lowered their price target on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. DA Davidson lowered their price objective on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $93.50.

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.