Spire Wealth Management Raises Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Spire Wealth Management boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 55.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,504 shares of the technology retailer’s stock after purchasing an additional 536 shares during the period. Spire Wealth Management’s holdings in Best Buy were worth $118,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Arlington Partners LLC acquired a new stake in shares of Best Buy during the first quarter valued at about $28,000. CoreCap Advisors LLC acquired a new stake in shares of Best Buy during the fourth quarter valued at about $39,000. US Asset Management LLC acquired a new stake in shares of Best Buy during the fourth quarter valued at about $52,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $57,000. Finally, Clearstead Advisors LLC grew its holdings in shares of Best Buy by 30.5% in the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock valued at $46,000 after purchasing an additional 169 shares in the last quarter. 77.44% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

NYSE BBY opened at $74.23 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.98 and a quick ratio of 0.32. Best Buy Co., Inc. has a 1 year low of $60.78 and a 1 year high of $93.32. The company has a market capitalization of $16.20 billion, a PE ratio of 12.56, a P/E/G ratio of 2.13 and a beta of 1.53. The company has a fifty day moving average of $80.82 and a two-hundred day moving average of $78.19.

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Best Buy (NYSE:BBY – Get Free Report) last released its quarterly earnings data on Thursday, May 25th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.03. Best Buy had a net margin of 2.93% and a return on equity of 51.95%. The company had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $9.53 billion. During the same quarter in the prior year, the firm posted $1.57 earnings per share. Best Buy’s revenue for the quarter was down 11.1% on a year-over-year basis. As a group, analysts expect that Best Buy Co., Inc. will post 6.01 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th were paid a dividend of $0.92 per share. The ex-dividend date was Wednesday, June 14th. This represents a $3.68 annualized dividend and a dividend yield of 4.96%. Best Buy’s dividend payout ratio (DPR) is 62.27%.

Analyst Ratings Changes

A number of brokerages recently weighed in on BBY. 58.com restated a “maintains” rating on shares of Best Buy in a report on Thursday, May 11th. TheStreet cut shares of Best Buy from a “b-” rating to a “c” rating in a report on Thursday, May 25th. Wells Fargo & Company dropped their price objective on shares of Best Buy from $80.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 26th. DA Davidson dropped their price objective on shares of Best Buy from $96.00 to $87.00 and set a “buy” rating for the company in a report on Friday, May 26th. Finally, Citigroup lifted their price objective on shares of Best Buy from $62.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.71.

Check Out Our Latest Analysis on Best Buy

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 578 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.82, for a total transaction of $41,511.96. Following the completion of the sale, the chief accounting officer now owns 22,974 shares in the company, valued at $1,649,992.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Damien Harmon sold 749 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.82, for a total value of $53,793.18. Following the completion of the sale, the executive vice president now owns 42,599 shares in the company, valued at $3,059,460.18. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 578 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.82, for a total transaction of $41,511.96. Following the completion of the sale, the chief accounting officer now owns 22,974 shares of the company’s stock, valued at approximately $1,649,992.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 408,034 shares of company stock worth $33,741,133. Company insiders own 0.56% of the company’s stock.

Best Buy Profile

(Free Report)

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.