Pinnacle Financial Partners Inc Purchases Shares of 38,381 Best Buy Co., Inc. (NYSE:BBY)

Pinnacle Financial Partners Inc acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 38,381 shares of the technology retailer’s stock, valued at approximately $3,293,000.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in Best Buy in the 4th quarter valued at about $32,000. Trust Co. of Vermont grew its position in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the third quarter worth approximately $40,000. LRI Investments LLC lifted its holdings in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Best Buy during the 3rd quarter worth approximately $44,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Down 1.3 %

Shares of NYSE BBY opened at $89.80 on Friday. The stock has a 50-day moving average price of $86.10 and a two-hundred day moving average price of $90.36. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $19.20 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 2.13 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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). The company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.29 earnings per share. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was 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 directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on BBY. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a report on Wednesday, December 18th. Barclays decreased 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 note on Thursday, January 9th. Guggenheim dropped their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Citigroup decreased their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Finally, Telsey Advisory Group dropped their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $101.72.

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.