Magnolia Capital Advisors LLC Invests $1.03 Million in Best Buy Co., Inc. (NYSE:BBY)

Magnolia Capital Advisors LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,064 shares of the technology retailer’s stock, valued at approximately $1,031,000.

Several other large investors have also recently made changes to their positions in the company. HS Management Partners LLC bought a new stake in Best Buy during the fourth quarter worth approximately $103,854,000. Barclays PLC increased its stake in Best Buy by 120.3% during the third quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock worth $92,819,000 after acquiring an additional 729,605 shares during the last quarter. Federated Hermes Inc. increased its stake in Best Buy by 36.2% during the third quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer’s stock worth $179,680,000 after acquiring an additional 687,556 shares during the last quarter. Van Hulzen Asset Management LLC increased its stake in Best Buy by 426.7% during the third quarter. Van Hulzen Asset Management LLC now owns 740,608 shares of the technology retailer’s stock worth $51,450,000 after acquiring an additional 600,000 shares during the last quarter. Finally, Ceredex Value Advisors LLC boosted its position in shares of Best Buy by 73.1% during the fourth quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer’s stock valued at $97,339,000 after buying an additional 518,920 shares during the period. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Jefferies Financial Group dropped their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. UBS Group boosted their target price on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Finally, Morgan Stanley boosted their target price on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $84.60.

Best Buy Stock Down 0.8 %

Shares of BBY stock traded down $0.61 during trading hours on Wednesday, reaching $74.43. 3,493,339 shares of the company’s stock were exchanged, compared to its average volume of 3,000,345. The stock’s 50 day moving average is $77.98 and its 200-day moving average is $74.08. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 13.08, a P/E/G ratio of 1.96 and a beta of 1.49. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $86.11.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.61 earnings per share. Analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.05%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio is presently 66.08%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the sale, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, 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. Insiders have sold a total of 52,023 shares of company stock valued at $4,253,900 in the last ninety days. Company insiders own 0.56% 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.