Proficio Capital Partners LLC Makes New $4.90 Million Investment in Best Buy Co., Inc. (NYSE:BBY)

Proficio Capital Partners LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 57,143 shares of the technology retailer’s stock, valued at approximately $4,903,000.

A number of other hedge funds have also recently bought and sold shares of BBY. Apollon Wealth Management LLC boosted its holdings in Best Buy by 6.0% during the 3rd quarter. Apollon Wealth Management LLC now owns 4,913 shares of the technology retailer’s stock worth $507,000 after acquiring an additional 279 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Best Buy during the 3rd quarter worth $443,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth $2,384,000. Oppenheimer & Co. Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth $678,000. Finally, Huntington National Bank raised its stake in shares of Best Buy by 22.0% during the 3rd quarter. Huntington National Bank now owns 2,102 shares of the technology retailer’s stock worth $217,000 after purchasing an additional 379 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Up 1.8 %

Shares of BBY opened at $71.56 on Monday. The business’s 50-day moving average price is $84.40 and its 200-day moving average price is $89.95. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The stock has a market cap of $15.30 billion, a PE ratio of 12.23, a P/E/G ratio of 2.10 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 (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations 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 in the prior year, the business posted $2.72 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

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

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group lowered their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Truist Financial lowered their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Telsey Advisory Group lowered their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $93.50.

Insider Buying and Selling

In other news, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed 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.