Skylands Capital LLC Has $794,000 Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Skylands Capital LLC boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 22.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,250 shares of the technology retailer’s stock after purchasing an additional 1,700 shares during the period. Skylands Capital LLC’s holdings in Best Buy were worth $794,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. GHE LLC lifted its position in shares of Best Buy by 4.3% in the fourth quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock worth $1,644,000 after buying an additional 788 shares during the last quarter. Rothschild Investment LLC raised its position in shares of Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares during the period. IFP Advisors Inc lifted its stake in shares of Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after buying an additional 125 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Best Buy in the 4th quarter worth $968,000. Finally, Howard Capital Management Inc. lifted its position in Best Buy by 11.2% during the 4th quarter. Howard Capital Management Inc. now owns 3,907 shares of the technology retailer’s stock worth $335,000 after acquiring an additional 392 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s 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 sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.59% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Truist Financial reduced their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. UBS Group reduced their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Citigroup dropped their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $101.72.

Best Buy Price Performance

NYSE:BBY opened at $89.80 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The business’s 50-day moving average is $86.10 and its 200 day moving average is $90.43. The company has a market capitalization of $19.20 billion, a P/E ratio of 15.35, a P/E/G ratio of 2.13 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter last year, the business earned $1.29 EPS. The business’s revenue was down 3.2% on a year-over-year basis. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

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.