William Allan Corp Grows Position in Best Buy Co., Inc. (NYSE:BBY)

William Allan Corp raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,085 shares of the technology retailer’s stock after acquiring an additional 1,184 shares during the period. Best Buy makes up approximately 1.6% of William Allan Corp’s holdings, making the stock its 26th biggest holding. William Allan Corp’s holdings in Best Buy were worth $2,581,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares during the period. Geode Capital Management LLC lifted its position in Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after buying an additional 120,185 shares during the last quarter. Raymond James & Associates boosted its stake in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares during the period. Eagle Asset Management Inc. increased its position in Best Buy by 3.3% during the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock valued at $143,396,000 after acquiring an additional 44,693 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in shares of Best Buy by 5.6% in the third quarter. Thrivent Financial for Lutherans now owns 1,160,614 shares of the technology retailer’s stock valued at $119,892,000 after acquiring an additional 61,119 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 0.7 %

Shares of BBY stock opened at $85.83 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The stock has a 50 day moving average of $86.01 and a 200 day moving average of $90.08. The stock has a market cap of $18.35 billion, a P/E ratio of 14.67, a P/E/G ratio of 2.16 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced 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 return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same period last year, the company posted $1.29 earnings per share. The business’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is currently 64.27%.

Wall Street Analyst Weigh In

BBY has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. DA Davidson reiterated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. UBS Group decreased their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Finally, Truist Financial cut their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $101.72.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction 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 of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.59% of the company’s stock.

Best Buy Company 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.