Meadow Creek Wealth Advisors LLC Purchases Shares of 2,666 Best Buy Co., Inc. (NYSE:BBY)

Meadow Creek Wealth Advisors LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,666 shares of the technology retailer’s stock, valued at approximately $209,000.

Other hedge funds also recently made changes to their positions in the company. Cary Street Partners Investment Advisory LLC raised its stake in shares of Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 302 shares during the period. Stonebridge Capital Advisors LLC raised its stake in shares of Best Buy by 81.9% during the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 185 shares during the period. Clear Street Markets LLC raised its stake in shares of Best Buy by 90.6% during the first quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 183 shares during the period. Clearstead Advisors LLC raised its stake in shares of Best Buy by 30.5% during the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock valued at $46,000 after purchasing an additional 169 shares during the period. Finally, Quarry LP purchased a new stake in shares of Best Buy during the first quarter valued at approximately $48,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY traded up $0.16 during midday trading on Friday, hitting $82.03. 2,571,276 shares of the stock traded hands, compared to its average volume of 4,142,347. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11. The firm has a market capitalization of $17.67 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.13 and a beta of 1.49. 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 business’s 50 day moving average price is $76.22 and its two-hundred day moving average price is $72.91.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 21st will be issued a $0.94 dividend. The ex-dividend date is Wednesday, March 20th. This represents a $3.76 annualized dividend and a yield of 4.58%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is presently 66.08%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wedbush lifted 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. TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Barclays lifted their price target on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Truist Financial lifted their price target on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Finally, Citigroup lifted their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. One equities 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 MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $84.27.

Insider Buying and Selling

In related news, CEO Corie S. Barry sold 28,042 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the sale, the chief accounting officer now directly owns 25,638 shares in the company, valued at $2,097,188.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry sold 28,042 shares of the business’s 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 completion of the sale, the chief executive officer now owns 429,159 shares in the company, valued at $35,105,206.20. The disclosure for this sale can be found here. Insiders sold 47,874 shares of company stock valued at $3,916,093 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.