HS Management Partners LLC Sells 102,885 Shares of Best Buy Co., Inc. (NYSE:BBY)

HS Management Partners LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 16.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 528,875 shares of the technology retailer’s stock after selling 102,885 shares during the quarter. Best Buy accounts for 3.1% of HS Management Partners LLC’s holdings, making the stock its 17th biggest position. HS Management Partners LLC owned 0.25% of Best Buy worth $45,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Inceptionr LLC bought a new stake in shares of Best Buy in the 4th quarter valued at about $250,000. Raymond James Financial Inc. bought a new stake in shares of Best Buy in the 4th quarter valued at about $514,483,000. Arizona State Retirement System grew its position in shares of Best Buy by 0.9% in the 4th quarter. Arizona State Retirement System now owns 59,249 shares of the technology retailer’s stock valued at $5,084,000 after purchasing an additional 538 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $4,903,000. Finally, M&T Bank Corp grew its position in shares of Best Buy by 9.0% in the 4th quarter. M&T Bank Corp now owns 16,953 shares of the technology retailer’s stock valued at $1,455,000 after purchasing an additional 1,400 shares during the period. 80.96% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is currently owned by insiders.

Best Buy Trading Up 0.2 %

NYSE BBY opened at $75.36 on Thursday. The company has a market cap of $16.11 billion, a PE ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43. 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 stock has a 50 day moving average of $85.97 and a 200-day moving average of $90.51.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the firm posted $2.72 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.04%. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is presently 88.99%.

Analyst Ratings Changes

Several brokerages recently issued reports on BBY. Citigroup decreased their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday. Piper Sandler decreased their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research report on Wednesday. Finally, StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.50.

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.