Janney Montgomery Scott LLC Raises Position in Best Buy Co., Inc. (NYSE:BBY)

Janney Montgomery Scott LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 60.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,670 shares of the technology retailer’s stock after acquiring an additional 6,274 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Best Buy were worth $1,430,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Park Avenue Securities LLC raised its position in shares of Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after purchasing an additional 103 shares during the period. Greenleaf Trust raised its holdings in Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares during the period. SeaCrest Wealth Management LLC lifted its position in shares of Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares in the last quarter. Hoxton Planning & Management LLC boosted its stake in shares of Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after acquiring an additional 124 shares during the period. Finally, Access Investment Management LLC grew its position in shares of Best Buy by 12.2% during the third quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock worth $143,000 after purchasing an additional 150 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

BBY opened at $83.78 on Tuesday. The firm’s 50-day moving average price is $86.30 and its 200-day moving average price is $90.16. The company has a market cap of $17.91 billion, a P/E ratio of 14.32, a price-to-earnings-growth ratio of 2.16 and a beta of 1.43. 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.

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

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio is presently 64.27%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BBY shares. 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. Truist Financial cut their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the 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 of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.59% of the company’s stock.

Best Buy 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.