NewSquare Capital LLC Buys 2,651 Shares of Best Buy Co., Inc. (NYSE:BBY)

NewSquare Capital LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,933 shares of the technology retailer’s stock after buying an additional 2,651 shares during the period. NewSquare Capital LLC’s holdings in Best Buy were worth $6,853,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BBY. CWM LLC increased its stake in Best Buy by 12.1% in the 3rd quarter. CWM LLC now owns 3,064 shares of the technology retailer’s stock worth $213,000 after buying an additional 330 shares in the last quarter. AdvisorNet Financial Inc lifted its holdings in Best Buy by 52.9% in the 3rd quarter. AdvisorNet Financial Inc now owns 1,385 shares of the technology retailer’s stock worth $96,000 after purchasing an additional 479 shares in the last quarter. IFP Advisors Inc boosted its stake in Best Buy by 15.8% in the 3rd quarter. IFP Advisors Inc now owns 2,904 shares of the technology retailer’s stock worth $202,000 after purchasing an additional 397 shares during the period. Ritholtz Wealth Management raised its position in shares of Best Buy by 16.0% during the third quarter. Ritholtz Wealth Management now owns 9,130 shares of the technology retailer’s stock valued at $634,000 after buying an additional 1,256 shares during the last quarter. Finally, HB Wealth Management LLC raised its position in shares of Best Buy by 4.1% during the third quarter. HB Wealth Management LLC now owns 4,552 shares of the technology retailer’s stock valued at $316,000 after buying an additional 180 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 0.1 %

NYSE:BBY traded down $0.07 during mid-day trading on Tuesday, reaching $75.05. The company’s stock had a trading volume of 2,411,838 shares, compared to its average volume of 2,994,010. 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 Co., Inc. has a 1 year low of $62.30 and a 1 year high of $86.11. The stock has a fifty day moving average of $77.94 and a 200-day moving average of $74.03. The firm has a market capitalization of $16.16 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share 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 company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.61 EPS. 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 business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.01%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s payout ratio is presently 66.08%.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following 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 legal filing with the SEC, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was 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 directly owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock worth $4,253,900 in the last three months. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BBY has been the subject of several research analyst reports. Morgan Stanley raised their target price 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. Wedbush lifted their target price on Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Citigroup increased their price target on Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, March 1st. Telsey Advisory Group raised shares of Best Buy from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. Finally, Barclays boosted their target price on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $84.60.

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.