SVB Wealth LLC Sells 41,549 Shares of Best Buy Co., Inc. (NYSE:BBY)

SVB Wealth LLC cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,328 shares of the technology retailer’s stock after selling 41,549 shares during the period. SVB Wealth LLC’s holdings in Best Buy were worth $7,932,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Hoxton Planning & Management LLC acquired a new position in shares of Best Buy during the 4th quarter worth about $229,000. Cullen Investment Group LTD. acquired a new position in shares of Best Buy during the 4th quarter worth approximately $4,570,000. Beverly Hills Private Wealth LLC bought a new stake in shares of Best Buy during the 4th quarter worth approximately $211,000. Louisiana State Employees Retirement System bought a new stake in shares of Best Buy during the 4th quarter worth approximately $916,000. Finally, MV Capital Management Inc. lifted its holdings in shares of Best Buy by 19.2% during the 4th quarter. MV Capital Management Inc. now owns 1,717 shares of the technology retailer’s stock worth $134,000 after acquiring an additional 277 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mathew Watson sold 3,520 shares of the firm’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,394 shares of company stock worth $4,206,247. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BBY. Morgan Stanley upped their price target on shares of Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. The Goldman Sachs Group increased their price objective on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Wedbush increased their price objective on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average target price of $84.60.

Best Buy Trading Down 1.5 %

Shares of NYSE BBY opened at $75.18 on Wednesday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The firm has a 50 day moving average price of $77.92 and a two-hundred day moving average price of $73.81. The stock has a market cap of $16.19 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.21. The company had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. Best Buy’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.61 earnings per share. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 5.00%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

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.