Best Buy Co., Inc. (NYSE:BBY) Position Boosted by MML Investors Services LLC

MML Investors Services LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,769 shares of the technology retailer’s stock after purchasing an additional 1,193 shares during the period. MML Investors Services LLC’s holdings in Best Buy were worth $1,526,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Richardson Financial Services Inc. boosted its position in shares of Best Buy by 190.9% during 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 in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the 3rd quarter valued at about $40,000. Innealta Capital LLC bought a new position in shares of Best Buy during the 2nd quarter valued at about $35,000. Brooklyn Investment Group acquired a new position in shares of Best Buy in the third quarter worth about $44,000. Finally, Whittier Trust Co. boosted its holdings in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after buying an additional 171 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Loop Capital decreased their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Telsey Advisory Group decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. One equities 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Price Performance

Shares of BBY opened at $87.50 on Wednesday. The firm has a market cap of $18.71 billion, a PE ratio of 14.96, a PEG ratio of 2.19 and a beta of 1.44. The firm’s 50 day moving average price is $91.14 and its 200 day moving average price is $90.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.29 EPS. As a group, 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 declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio is 64.27%.

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.