White Pine Capital LLC Sells 370 Shares of Best Buy Co., Inc. (NYSE:BBY)

White Pine Capital LLC trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,419 shares of the technology retailer’s stock after selling 370 shares during the period. White Pine Capital LLC’s holdings in Best Buy were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. HS Management Partners LLC bought a new position in Best Buy during the 4th quarter worth about $103,854,000. Barclays PLC boosted its holdings in shares of Best Buy by 120.3% in the 3rd quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock valued at $92,819,000 after buying an additional 729,605 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Best Buy by 36.2% in the 3rd quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer’s stock valued at $179,680,000 after buying an additional 687,556 shares in the last quarter. Van Hulzen Asset Management LLC boosted its holdings in shares of Best Buy by 426.7% in the 3rd quarter. Van Hulzen Asset Management LLC now owns 740,608 shares of the technology retailer’s stock valued at $51,450,000 after buying an additional 600,000 shares in the last quarter. Finally, Ceredex Value Advisors LLC boosted its holdings in shares of Best Buy by 73.1% in the 4th quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer’s stock valued at $97,339,000 after buying an additional 518,920 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The shares were 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 directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock valued at $4,253,900 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Best Buy Stock Performance

Shares of NYSE BBY traded down $0.19 during midday trading on Friday, reaching $75.05. 2,125,289 shares of the stock were exchanged, compared to its average volume of 2,398,775. The firm has a market cap of $16.16 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.96 and a beta of 1.49. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. The firm has a 50-day simple moving average of $78.02 and a two-hundred day simple moving average of $74.14. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business’s revenue was down .6% on a year-over-year basis. During the same quarter last year, the company earned $2.61 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a dividend of $0.94 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.01%. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent analyst reports. TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. Morgan Stanley raised their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Barclays raised their price target on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Truist Financial increased their price objective on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, JPMorgan Chase & Co. raised 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 report on Friday, March 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $84.60.

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.