Flagship Wealth Advisors LLC Invests $81,000 in Best Buy Co., Inc. (NYSE:BBY)

Flagship Wealth Advisors LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 945 shares of the technology retailer’s stock, valued at approximately $81,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. Rakuten Securities Inc. raised its stake in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC purchased a new position in Best Buy during the fourth quarter worth about $32,000. OFI Invest Asset Management purchased a new position in Best Buy during the fourth quarter worth about $34,000. Trust Co. of Vermont raised its stake in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares during the period. Finally, LRI Investments LLC raised its stake in Best Buy by 632.1% during the third 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 period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.59% of the company’s stock.

Best Buy Trading Up 3.1 %

NYSE BBY opened at $73.70 on Tuesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The stock has a market capitalization of $15.76 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The firm has a 50 day moving average of $84.18 and a two-hundred day moving average of $89.77.

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

Best Buy Increases Dividend

The business also recently announced 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. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BBY shares. Wells Fargo & Company reduced their target price on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group reduced 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 note on Tuesday, March 4th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Barclays reduced 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. Finally, Truist Financial reduced their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note 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 stock. According to MarketBeat.com, Best Buy presently has an average rating of “Hold” and a consensus target price of $93.50.

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.