Proficio Capital Partners LLC Invests $4.90 Million in Best Buy Co., Inc. (NYSE:BBY)

Proficio Capital Partners LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, Holdings Channel reports. The institutional investor bought 57,143 shares of the technology retailer’s stock, valued at approximately $4,903,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Oppenheimer Asset Management Inc. grew its stake in shares of Best Buy by 2.1% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 23,565 shares of the technology retailer’s stock worth $2,022,000 after acquiring an additional 482 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in Best Buy by 2.2% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 75,925 shares of the technology retailer’s stock worth $6,514,000 after purchasing an additional 1,600 shares in the last quarter. GenTrust LLC grew its position in Best Buy by 6.4% during the 4th quarter. GenTrust LLC now owns 3,174 shares of the technology retailer’s stock worth $275,000 after purchasing an additional 190 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in Best Buy by 11.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 161,400 shares of the technology retailer’s stock valued at $13,848,000 after purchasing an additional 17,159 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after buying an additional 459,353 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BBY shares. Wedbush reissued a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a report on Monday. JPMorgan Chase & Co. increased their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Guggenheim decreased their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.44.

Best Buy Trading Down 3.5 %

BBY stock opened at $86.73 on Tuesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company’s 50-day simple moving average is $86.43 and its 200-day simple moving average is $90.69. The firm has a market cap of $18.54 billion, a P/E ratio of 14.83, a PEG ratio of 2.10 and a beta of 1.43.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.59% of the stock is currently owned by company insiders.

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.