Concurrent Investment Advisors LLC Purchases 200 Shares of Best Buy Co., Inc. (NYSE:BBY)

Concurrent Investment Advisors LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 0.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 27,467 shares of the technology retailer’s stock after buying an additional 200 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Best Buy were worth $2,357,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Handelsbanken Fonder AB boosted its position in shares of Best Buy by 28.6% in the 4th quarter. Handelsbanken Fonder AB now owns 38,191 shares of the technology retailer’s stock worth $3,277,000 after purchasing an additional 8,499 shares during the last quarter. Ieq Capital LLC boosted its position in shares of Best Buy by 209.3% in the 4th quarter. Ieq Capital LLC now owns 47,574 shares of the technology retailer’s stock worth $4,082,000 after purchasing an additional 32,195 shares during the last quarter. Alberta Investment Management Corp boosted its position in shares of Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after purchasing an additional 21,200 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its position in shares of Best Buy by 66.6% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 9,680 shares of the technology retailer’s stock worth $831,000 after purchasing an additional 3,868 shares during the last quarter. Finally, Truist Financial Corp boosted its position in shares of Best Buy by 11.7% in the 4th quarter. Truist Financial Corp now owns 29,357 shares of the technology retailer’s stock worth $2,519,000 after purchasing an additional 3,072 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Performance

BBY opened at $89.80 on Friday. The company has a market capitalization 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. The business’s 50-day moving average price is $86.05 and its two-hundred day moving average price is $90.24. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Analyst Ratings Changes

BBY has been the topic of several recent research reports. Loop Capital restated a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Morgan Stanley dropped their price objective on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 21st. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Truist Financial dropped their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company dropped their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $101.72.

Best Buy 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.