Ghe LLC Acquires 788 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ghe LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,163 shares of the technology retailer’s stock after acquiring an additional 788 shares during the quarter. Ghe LLC’s holdings in Best Buy were worth $1,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. QRG Capital Management Inc. raised its holdings in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after purchasing an additional 18,171 shares during the period. Klein Pavlis & Peasley Financial Inc. increased its holdings in shares of Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after purchasing an additional 8,640 shares during the period. Finally, Merit Financial Group LLC bought a new position in shares of Best Buy in the fourth quarter worth $453,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the 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 in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $89.80 on Monday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a 50 day simple moving average of $86.10 and a two-hundred day simple moving average of $90.43. 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 company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

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

Best Buy Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group decreased their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Telsey Advisory Group decreased their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. Loop Capital reiterated a “buy” rating and issued a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. upped their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock 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.