Fifth Third Wealth Advisors LLC Reduces Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Fifth Third Wealth Advisors LLC trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,730 shares of the technology retailer’s stock after selling 626 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Best Buy were worth $320,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Richardson Financial Services Inc. lifted its stake in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Best Buy during the 3rd quarter valued at $40,000. LRI Investments LLC lifted its position in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Brooklyn Investment Group bought a new position in Best Buy during the third quarter valued at $44,000. Finally, Benjamin Edwards Inc. raised its stake in shares of Best Buy by 50.8% in the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after acquiring an additional 166 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Truist Financial dropped their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. Guggenheim reduced their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. DA Davidson reissued a “buy” rating and set a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Finally, UBS Group dropped their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.72.

Best Buy Trading Down 0.4 %

Shares of NYSE BBY opened at $81.91 on Friday. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The business has a fifty day moving average price of $87.31 and a 200 day moving average price of $90.10. The stock has a market capitalization of $17.51 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

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

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.59%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

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.