Laird Norton Wetherby Wealth Management LLC Has $720,000 Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Laird Norton Wetherby Wealth Management LLC increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,391 shares of the technology retailer’s stock after buying an additional 243 shares during the quarter. Laird Norton Wetherby Wealth Management LLC’s holdings in Best Buy were worth $720,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BBY. Rakuten Securities Inc. lifted its position in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after buying an additional 311 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Best Buy during the 4th quarter worth $32,000. Atlas Capital Advisors Inc. lifted its position in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after buying an additional 243 shares during the last quarter. Ancora Advisors LLC lifted its position in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after buying an additional 374 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Best Buy during the 4th quarter worth $34,000. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on BBY. Piper Sandler dropped their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Morgan Stanley dropped their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Finally, Truist Financial dropped their target price on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $91.28.

Best Buy Trading Down 1.0%

NYSE BBY opened at $73.05 on Thursday. The business has a 50 day simple moving average of $68.04 and a 200 day simple moving average of $80.59. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The stock has a market capitalization of $15.46 billion, a P/E ratio of 12.49, a P/E/G ratio of 2.10 and a beta of 1.27. 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 (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping 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 quarter last year, the firm posted $2.72 earnings per share. Research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date was Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the transaction, the chief accounting officer now owns 21,371 shares of the company’s stock, valued at $1,552,603.15. The trade was a 12.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.47% of the company’s stock.

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.