Oak Harbor Wealth Partners LLC Cuts Position in Best Buy Co., Inc. (NYSE:BBY)

Oak Harbor Wealth Partners LLC decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 0.9% in the 4th quarter, HoldingsChannel reports. The fund owned 16,432 shares of the technology retailer’s stock after selling 143 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Best Buy were worth $1,410,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after acquiring an additional 395,415 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Best Buy in the fourth quarter valued at $514,483,000. Geode Capital Management LLC increased its position in shares of 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 valued at $499,954,000 after buying an additional 120,185 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after buying an additional 459,353 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of Best Buy by 17.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer’s stock valued at $137,816,000 after buying an additional 236,524 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $79.66 on Friday. The firm has a market capitalization of $17.03 billion, a P/E ratio of 13.62, a P/E/G ratio of 2.10 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 Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The business’s 50-day simple moving average is $85.58 and its 200-day simple moving average is $90.39.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate 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 last year, the business posted $2.72 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Activity at Best Buy

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

Analyst Upgrades and Downgrades

BBY has been the subject of a number of research analyst reports. Wedbush restated a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a research report on Monday, March 3rd. Bank of America dropped their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday. Morgan Stanley dropped their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday. DA Davidson decreased their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Citigroup decreased their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $93.50.

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.