1620 Investment Advisors Inc. Has $541,000 Stake in Best Buy Co., Inc. (NYSE:BBY)

1620 Investment Advisors Inc. boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,302 shares of the technology retailer’s stock after purchasing an additional 176 shares during the period. 1620 Investment Advisors Inc.’s holdings in Best Buy were worth $541,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after acquiring an additional 395,415 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Best Buy during the fourth quarter valued at $514,483,000. Geode Capital Management LLC boosted its position in shares of Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after purchasing an additional 120,185 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its position in shares of Best Buy by 17.3% during the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer’s stock worth $137,816,000 after purchasing an additional 236,524 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Wedbush reissued a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Bank of America cut their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley dropped their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Jefferies Financial Group dropped their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Barclays dropped their price target 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 Thursday, January 9th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $93.50.

Best Buy Trading Down 0.4 %

Shares of BBY stock opened at $73.52 on Friday. The company’s fifty day simple moving average is $83.54 and its two-hundred day simple moving average is $89.36. 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. The stock has a market capitalization of $15.72 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the previous year, the firm posted $2.72 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared 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. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.17%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is presently 88.99%.

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.