Scissortail Wealth Management LLC Has $1.81 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Scissortail Wealth Management LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,619 shares of the technology retailer’s stock after buying an additional 781 shares during the quarter. Scissortail Wealth Management LLC’s holdings in Best Buy were worth $1,806,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BBY. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Best Buy by 46.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 135,908 shares of the technology retailer’s stock valued at $10,639,000 after purchasing an additional 43,205 shares during the period. Everence Capital Management Inc. acquired a new position in Best Buy during the fourth quarter valued at approximately $376,000. Hoxton Planning & Management LLC acquired a new position in Best Buy during the fourth quarter valued at approximately $229,000. Cullen Investment Group LTD. acquired a new position in Best Buy during the fourth quarter valued at approximately $4,570,000. Finally, Beverly Hills Private Wealth LLC acquired a new position in Best Buy during the fourth quarter valued at approximately $211,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY traded down $1.11 on Tuesday, hitting $75.18. 3,934,069 shares of the stock were exchanged, compared to its average volume of 3,058,189. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The business’s fifty day moving average is $77.91 and its 200 day moving average is $73.77. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The company has a market capitalization of $16.19 billion, a PE ratio of 13.21, a P/E/G ratio of 2.04 and a beta of 1.49.

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. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. During the same period in the prior year, the firm posted $2.61 earnings per share. The company’s quarterly revenue was down .6% compared to the same quarter last year. Research analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a dividend of $0.94 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a yield of 5.00%. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s dividend payout ratio is 66.08%.

Insiders Place Their Bets

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the sale, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Best Buy news, EVP Kathleen Scarlett sold 5,096 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $416,852.80. Following the transaction, the executive vice president now directly owns 76,226 shares in the company, valued at $6,235,286.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares in the company, valued at $2,119,601.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,394 shares of company stock valued at $4,206,247. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BBY shares. Citigroup boosted their price objective on shares of Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a report on Friday, March 1st. Truist Financial upped their price target on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a report on Friday, March 1st. Wedbush upped their price target on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their price target for the company from $89.00 to $101.00 in a report on Friday, March 22nd. Finally, Morgan Stanley upped their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $84.60.

Best Buy Company 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.