Janney Capital Management LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 64.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 175,841 shares of the technology retailer’s stock after buying an additional 68,990 shares during the period. Best Buy comprises about 1.0% of Janney Capital Management LLC’s holdings, making the stock its 28th largest position. Janney Capital Management LLC’s holdings in Best Buy were worth $15,087,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Trust Co. of Vermont grew its holdings in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after acquiring an additional 384 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the third quarter worth $40,000. LRI Investments LLC grew its stake in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Best Buy in the 3rd quarter worth about $44,000. Finally, Hershey Financial Advisers LLC purchased a new stake in shares of Best Buy in the 2nd quarter worth about $48,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.
Best Buy Trading Down 1.1 %
Shares of NYSE:BBY opened at $83.57 on Wednesday. The stock has a market capitalization of $17.87 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 2.06 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock’s 50-day simple moving average is $86.91 and its two-hundred day simple moving average is $90.22. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.
Best Buy Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.50%. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.
Insider Activity at Best Buy
In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the stock. Morgan Stanley cut their price objective on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. DA Davidson reissued a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Finally, Telsey Advisory Group cut their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $101.72.
Get Our Latest Report on Best Buy
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.
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