FourThought Financial Partners LLC Has $6.32 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

FourThought Financial Partners LLC trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,763 shares of the technology retailer’s stock after selling 4,959 shares during the period. FourThought Financial Partners LLC’s holdings in Best Buy were worth $6,322,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC lifted its position in Best Buy by 8.4% during the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock valued at $8,100,000 after purchasing an additional 8,042 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in Best Buy during the 4th quarter worth $317,000. Mirabella Financial Services LLP acquired a new stake in shares of Best Buy in the 3rd quarter worth $831,000. Van ECK Associates Corp grew its stake in shares of Best Buy by 35.6% in the 3rd quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock valued at $6,550,000 after buying an additional 24,763 shares during the period. Finally, abrdn plc lifted its stake in shares of Best Buy by 12.5% in the 4th quarter. abrdn plc now owns 770,020 shares of the technology retailer’s stock valued at $60,277,000 after purchasing an additional 85,286 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY traded up $2.03 during mid-day trading on Friday, hitting $74.47. The stock had a trading volume of 2,058,529 shares, compared to its average volume of 2,576,371. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The firm has a market cap of $16.11 billion, a P/E ratio of 13.09, a PEG ratio of 1.89 and a beta of 1.50. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The business has a fifty day moving average price of $77.95 and a 200-day moving average price of $74.20.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The company had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter in the previous year, the business earned $2.61 EPS. Best Buy’s revenue was down .6% compared to the same quarter last year. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 5.05%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio is presently 66.08%.

Wall Street Analysts Forecast Growth

Several research firms have commented on BBY. Citigroup boosted their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, March 1st. UBS Group increased their target price on Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Morgan Stanley raised their target price on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group raised their target price on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $84.60.

Insiders Place Their Bets

In other news, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the transaction, the chief executive officer now owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Insiders have sold a total of 52,023 shares of company stock valued at $4,253,900 in the last quarter. 0.56% of the stock is currently owned by insiders.

About Best Buy

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.