Magnolia Capital Advisors LLC Buys New Stake in Best Buy Co., Inc. (NYSE:BBY)

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

A number of other institutional investors and hedge funds have also recently modified their holdings of BBY. Cary Street Partners Investment Advisory LLC grew 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 worth $25,000 after purchasing an additional 302 shares in the last quarter. Bfsg LLC acquired a new position in shares of Best Buy during the fourth quarter worth $25,000. Naples Money Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth $27,000. Stonebridge Capital Advisors LLC boosted its stake in Best Buy by 81.9% in the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 185 shares in the last quarter. Finally, Hartford Financial Management Inc. boosted its stake in Best Buy by 56.5% in the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 140 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Truist Financial upped their price objective on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. UBS Group upped their price objective on shares of Best Buy from $82.00 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. Morgan Stanley upped their price objective on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Finally, Barclays upped their price objective on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $84.60.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The sale was disclosed in a filing with the SEC, which is available at this link. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $416,852.80. Following the completion of the transaction, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at $6,235,286.80. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock valued at $4,253,900 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Best Buy Stock Performance

NYSE BBY traded down $0.61 during trading hours on Wednesday, hitting $74.43. 3,493,339 shares of the stock were exchanged, compared to its average volume of 3,000,345. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $86.11. The stock has a 50-day moving average of $77.98 and a 200 day moving average of $74.08. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

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

Best Buy Increases Dividend

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

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.