Oak Harbor Wealth Partners LLC Sells 812 Shares of Best Buy Co., Inc. (NYSE:BBY)

Oak Harbor Wealth Partners LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,255 shares of the technology retailer’s stock after selling 812 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Best Buy were worth $1,194,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Hartford Financial Management Inc. increased its position in Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 140 shares during the period. UMB Bank n.a. grew its stake in Best Buy by 4.0% during the fourth quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after buying an additional 148 shares in the last quarter. Avory & Company LLC boosted its stake in shares of Best Buy by 2.6% in the 4th quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock valued at $471,000 after purchasing an additional 154 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Best Buy by 14.6% in the 3rd quarter. Allworth Financial LP now owns 1,215 shares of the technology retailer’s stock valued at $84,000 after purchasing an additional 155 shares in the last quarter. Finally, Disciplined Equity Management Inc. boosted its stake in shares of Best Buy by 1.1% in the 4th quarter. Disciplined Equity Management Inc. now owns 15,093 shares of the technology retailer’s stock valued at $1,181,000 after purchasing an additional 160 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BBY shares. UBS Group raised their price objective on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Barclays raised their price objective on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Morgan Stanley raised their price objective 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. Jefferies Financial Group lowered their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $89.00 to $101.00 in a report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $84.00.

Best Buy Stock Performance

Shares of NYSE:BBY traded down $0.57 during midday trading on Thursday, reaching $69.93. The company had a trading volume of 1,079,752 shares, compared to its average volume of 2,828,035. The company’s 50 day moving average price is $76.72 and its 200 day moving average price is $74.82. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock has a market cap of $15.13 billion, a P/E ratio of 12.39, a P/E/G ratio of 2.17 and a beta of 1.50. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. During the same period in the previous year, the business posted $2.61 EPS. The firm’s quarterly revenue was down .6% compared to the same quarter last year. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were paid a $0.94 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s payout ratio is currently 66.08%.

Insider Activity

In other news, CEO Corie S. Barry sold 28,042 shares of the company’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 sale, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, 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 transaction, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the business’s 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 directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders have sold a total of 52,023 shares of company stock worth $4,253,900 over the last ninety days. Company insiders own 0.59% of the company’s stock.

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.