Proficio Capital Partners LLC Takes $4.90 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Proficio Capital Partners LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 57,143 shares of the technology retailer’s stock, valued at approximately $4,903,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of BBY. Oppenheimer Asset Management Inc. increased its position in Best Buy by 2.1% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 23,565 shares of the technology retailer’s stock valued at $2,022,000 after acquiring an additional 482 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its holdings in Best Buy by 2.2% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 75,925 shares of the technology retailer’s stock valued at $6,514,000 after purchasing an additional 1,600 shares during the last quarter. GenTrust LLC raised its position in Best Buy by 6.4% in the 4th quarter. GenTrust LLC now owns 3,174 shares of the technology retailer’s stock worth $275,000 after purchasing an additional 190 shares during the period. Illinois Municipal Retirement Fund lifted its stake in Best Buy by 11.9% in the fourth quarter. Illinois Municipal Retirement Fund now owns 161,400 shares of the technology retailer’s stock worth $13,848,000 after purchasing an additional 17,159 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Best Buy by 13.7% during 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 during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 3.5 %

Shares of NYSE BBY opened at $86.73 on Tuesday. The stock has a market capitalization of $18.54 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. 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 12-month low of $69.29 and a 12-month high of $103.71. The stock’s fifty day simple moving average is $86.43 and its two-hundred day simple moving average is $90.69.

Wall Street Analyst Weigh In

BBY has been the topic of several recent analyst reports. Truist Financial reduced their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Guggenheim lowered their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Barclays cut their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Best Buy in a report on Friday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $101.44.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.59% of the stock is owned by corporate insiders.

About Best Buy

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.