Gitterman Wealth Management LLC Makes New $263,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Gitterman Wealth Management LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,066 shares of the technology retailer’s stock, valued at approximately $263,000.

Other hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of Best Buy in the fourth quarter valued at approximately $514,483,000. Nordea Investment Management AB lifted its position in shares of Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after acquiring an additional 503,204 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Best Buy by 817.4% in the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after acquiring an additional 479,256 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 6.4% in 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 in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of several research reports. Wedbush restated a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Wells Fargo & Company cut their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Citigroup cut their price target on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, KeyCorp reaffirmed a “sector weight” 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 given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $93.50.

Best Buy Trading Up 1.8 %

Shares of NYSE BBY opened at $71.56 on Friday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve 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 stock has a fifty day simple moving average of $84.40 and a 200-day simple moving average of $89.94. The stock has a market capitalization of $15.30 billion, a PE ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released 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. The firm had revenue of $13.95 billion during 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 period last year, the business posted $2.72 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.31%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Insider Activity at Best Buy

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.59% of the stock is currently owned by company insiders.

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.