Millstone Evans Group LLC Makes New $79,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Millstone Evans Group LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 916 shares of the technology retailer’s stock, valued at approximately $79,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BBY. 1620 Investment Advisors Inc. boosted its holdings in Best Buy by 2.9% in the fourth quarter. 1620 Investment Advisors Inc. now owns 6,302 shares of the technology retailer’s stock worth $541,000 after acquiring an additional 176 shares in the last quarter. Kiker Wealth Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth approximately $405,000. Blueshift Asset Management LLC acquired a new stake in Best Buy in the 4th quarter valued at $298,000. iA Global Asset Management Inc. grew its position in Best Buy by 539.3% in the 4th quarter. iA Global Asset Management Inc. now owns 23,379 shares of the technology retailer’s stock valued at $2,006,000 after purchasing an additional 19,722 shares during the period. Finally, Brooklyn FI LLC bought a new stake in Best Buy during the 4th quarter valued at $315,000. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BBY shares. Piper Sandler reduced their price objective on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. DA Davidson cut their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Telsey Advisory Group cut their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Finally, Bank of America lowered their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $93.50.

Best Buy Price Performance

Best Buy stock opened at $73.63 on Monday. The business’s 50 day simple moving average is $83.34 and its 200 day simple moving average is $89.01. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a market cap of $15.74 billion, a price-to-earnings ratio of 12.59, a PEG 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 (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share 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 company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the company earned $2.72 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.16%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

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.