Ieq Capital LLC Acquires 32,195 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ieq Capital LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 209.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 47,574 shares of the technology retailer’s stock after acquiring an additional 32,195 shares during the period. Ieq Capital LLC’s holdings in Best Buy were worth $4,082,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. QRG Capital Management Inc. raised its position in shares of Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after acquiring an additional 18,171 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. raised its position in shares of Best Buy by 48.6% during the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after acquiring an additional 8,640 shares during the last quarter. Finally, Merit Financial Group LLC bought a new stake in shares of Best Buy during the 4th quarter valued at $453,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In related 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 value 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on BBY. Barclays lowered their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Wells Fargo & Company lowered their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 27th. Citigroup lowered their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Truist Financial lowered their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, Loop Capital restated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Trading Down 1.3 %

Best Buy stock opened at $89.80 on Friday. The firm has a 50-day moving average of $86.05 and a 200-day moving average of $90.24. Best Buy Co., Inc. has a one year low of $69.29 and a one year 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 company has a market cap of $19.20 billion, a price-to-earnings ratio of 15.35, a P/E/G ratio of 2.13 and a beta of 1.43.

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

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.19%. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

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.