Hennion & Walsh Asset Management Inc. Takes $351,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Hennion & Walsh Asset Management Inc. bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,096 shares of the technology retailer’s stock, valued at approximately $351,000.

Several other hedge funds have also bought and sold shares of the company. USA Financial Formulas raised its stake in Best Buy by 21.6% in the fourth quarter. USA Financial Formulas now owns 6,861 shares of the technology retailer’s stock valued at $589,000 after buying an additional 1,220 shares during the period. Park Avenue Securities LLC increased its holdings in shares of Best Buy by 24.8% during the 4th quarter. Park Avenue Securities LLC now owns 10,334 shares of the technology retailer’s stock worth $887,000 after acquiring an additional 2,053 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Best Buy by 142.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 33,741 shares of the technology retailer’s stock valued at $2,895,000 after acquiring an additional 19,828 shares during the period. Rosenberg Matthew Hamilton lifted its holdings in Best Buy by 14.2% during the 4th quarter. Rosenberg Matthew Hamilton now owns 1,243 shares of the technology retailer’s stock valued at $107,000 after purchasing an additional 155 shares during the last quarter. Finally, Cullen Investment Group LTD. boosted its position in Best Buy by 1.9% during the fourth quarter. Cullen Investment Group LTD. now owns 67,410 shares of the technology retailer’s stock worth $5,784,000 after purchasing an additional 1,258 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of NYSE:BBY opened at $84.54 on Wednesday. The firm has a 50 day moving average of $87.02 and a 200-day moving average of $90.20. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 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 market capitalization of $18.08 billion, a PE ratio of 14.45, a PEG ratio of 2.06 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 earnings per share. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.45%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BBY. Guggenheim dropped their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, November 29th. Truist Financial cut their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Telsey Advisory Group decreased their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. Citigroup lowered their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company decreased their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average target price of $101.72.

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.