MCF Advisors LLC Sells 3,245 Shares of Best Buy Co., Inc. (NYSE:BBY)

MCF Advisors LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 63.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,854 shares of the technology retailer’s stock after selling 3,245 shares during the period. MCF Advisors LLC’s holdings in Best Buy were worth $161,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BBY. Harbor Capital Advisors Inc. acquired a new position in Best Buy in the third quarter valued at approximately $40,000. LRI Investments LLC lifted its stake in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares during the period. Trust Co. of Vermont lifted its stake in Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after buying an additional 384 shares during the period. Brooklyn Investment Group acquired a new position in Best Buy in the third quarter valued at approximately $44,000. Finally, Abich Financial Wealth Management LLC lifted its stake in Best Buy by 959.6% in the third quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer’s stock valued at $57,000 after buying an additional 499 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BBY has been the topic of several recent analyst reports. Guggenheim dropped their price target on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. Wells Fargo & Company dropped their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. Citigroup lowered their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Truist Financial lowered their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Finally, Telsey Advisory Group lowered their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $101.72.

Best Buy Stock Down 0.7 %

BBY stock opened at $83.95 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market capitalization of $17.95 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 2.06 and a beta of 1.43. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The stock has a fifty day moving average of $86.91 and a 200-day moving average of $90.22.

Best Buy (NYSE:BBY) last posted its quarterly earnings results 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 firm had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.29 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.48%. Best Buy’s dividend payout ratio is currently 64.27%.

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.