Corient Private Wealth LLC Has $2.21 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Corient Private Wealth LLC decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 10.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,790 shares of the technology retailer’s stock after selling 3,031 shares during the quarter. Corient Private Wealth LLC’s holdings in Best Buy were worth $2,213,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. IFP Advisors Inc boosted its stake in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after buying an additional 125 shares during the last quarter. Rothschild Investment LLC raised its holdings in Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after acquiring an additional 142 shares in the last quarter. Independent Advisor Alliance boosted its position in Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after purchasing an additional 142 shares during the last quarter. Yousif Capital Management LLC grew its stake in Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after purchasing an additional 145 shares in the last quarter. Finally, Claro Advisors LLC increased its position in shares of Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock worth $246,000 after purchasing an additional 154 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other news, CEO Corie S. Barry acquired 13,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.

Best Buy Stock Performance

NYSE BBY opened at $73.63 on Monday. The firm has a 50-day moving average price of $83.34 and a two-hundred day moving average price of $89.01. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market capitalization of $15.74 billion, a P/E ratio of 12.59, 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 issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the company posted $2.72 earnings per share. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.16%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BBY. Morgan Stanley decreased their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Evercore ISI decreased their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Wedbush reaffirmed a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a report on Monday, March 3rd. Truist Financial reduced their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Finally, Guggenheim dropped their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $93.50.

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.