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

FourThought Financial Partners LLC lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.8% in the 4th quarter, according to its most recent disclosure 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 quarter.

Other hedge funds have also added to or reduced their stakes in the company. Cerity Partners LLC raised its holdings in shares of 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 purchased a new stake in shares of Best Buy in the fourth quarter worth approximately $317,000. Mirabella Financial Services LLP bought a new position in shares of Best Buy in the third quarter valued at approximately $831,000. Van ECK Associates Corp boosted its position in shares of Best Buy by 35.6% during the third 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 last quarter. Finally, abrdn plc grew its holdings in Best Buy by 12.5% during the fourth quarter. abrdn plc now owns 770,020 shares of the technology retailer’s stock worth $60,277,000 after buying an additional 85,286 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research analyst reports. Jefferies Financial Group decreased their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. UBS Group raised their price target on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Barclays raised their price target on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Wedbush boosted their price objective on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Finally, Telsey Advisory Group raised shares of Best Buy from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $85.00 to $95.00 in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and a consensus price target of $84.60.

Best Buy Stock Up 2.8 %

BBY traded up $2.03 during 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. The stock has a 50 day simple moving average of $77.95 and a two-hundred day simple moving average of $74.20. The company has a market capitalization of $16.11 billion, a PE 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 quick ratio of 0.37 and a current ratio of 1.00. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a dividend yield of 5.05%. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Insiders Place Their Bets

In other Best Buy news, CEO Corie S. Barry sold 366 shares of the firm’s 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 completion of the transaction, 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 SEC, which is available at this link. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,023 shares of company stock valued at $4,253,900. Insiders own 0.56% of the company’s stock.

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.