Moran Wealth Management LLC Has $6.92 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Moran Wealth Management LLC boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,684 shares of the technology retailer’s stock after acquiring an additional 18,255 shares during the quarter. Moran Wealth Management LLC’s holdings in Best Buy were worth $6,923,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Pinnacle Financial Partners Inc acquired a new position in Best Buy during the fourth quarter worth $3,293,000. Klein Pavlis & Peasley Financial Inc. grew its holdings in shares of Best Buy by 48.6% during 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 last quarter. Alberta Investment Management Corp grew its holdings in shares of Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after purchasing an additional 21,200 shares during the last quarter. Merit Financial Group LLC bought a new stake in shares of Best Buy during the fourth quarter worth $453,000. Finally, TCW Group Inc. grew its holdings in shares of Best Buy by 26.7% during the fourth quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock worth $34,414,000 after purchasing an additional 84,505 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on BBY shares. JPMorgan Chase & Co. decreased their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Guggenheim decreased their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Citigroup decreased their target price on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, Loop Capital reiterated a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $93.50.

Best Buy Trading Down 0.6 %

NYSE:BBY opened at $78.90 on Tuesday. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The business’s 50-day moving average price is $85.44 and its two-hundred day moving average price is $90.41. 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 firm has a market capitalization of $16.87 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $2.72 earnings per share. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.82%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’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 owns 92,070 shares of the company’s stock, valued at $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 SEC, which is available through this hyperlink. 0.59% of the stock is currently owned by insiders.

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.