KLCM Advisors Inc. Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

KLCM Advisors Inc. lowered its holdings in Best Buy Co., Inc. (NYSE:BBY) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,048 shares of the technology retailer’s stock after selling 1,071 shares during the quarter. Best Buy accounts for 1.1% of KLCM Advisors Inc.’s holdings, making the stock its 27th largest holding. KLCM Advisors Inc.’s holdings in Best Buy were worth $9,185,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. QRG Capital Management Inc. boosted its stake in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after buying an additional 3,025 shares during the period. Asset Management One Co. Ltd. boosted its position in shares of Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. raised its position in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after purchasing an additional 8,640 shares during the period. Finally, Merit Financial Group LLC acquired a new position in Best Buy during the fourth quarter worth $453,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BBY shares. Morgan Stanley dropped their price objective on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. Telsey Advisory Group dropped their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, November 26th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Wells Fargo & Company lowered their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. Finally, Truist Financial cut their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $101.72.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Up 2.2 %

NYSE:BBY opened at $91.16 on Monday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The stock has a market cap of $19.49 billion, a P/E ratio of 15.58, a P/E/G ratio of 2.01 and a beta of 1.43. 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 stock has a 50-day simple moving average of $85.76 and a 200-day simple moving average of $90.10.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period last year, the company earned $1.29 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.12%. Best Buy’s dividend payout ratio is currently 64.27%.

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.