Scissortail Wealth Management LLC Grows Holdings in Best Buy Co., Inc. (NYSE:BBY)

Scissortail Wealth Management LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 24,619 shares of the technology retailer’s stock after purchasing an additional 781 shares during the period. Scissortail Wealth Management LLC’s holdings in Best Buy were worth $1,806,000 as of its most recent SEC filing.

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

Best Buy Price Performance

Shares of Best Buy stock traded down $1.11 on Tuesday, hitting $75.18. The company had a trading volume of 3,934,069 shares, compared to its average volume of 3,058,189. The business has a 50-day simple moving average of $77.91 and a 200-day simple moving average of $73.77. 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 company has a market cap of $16.19 billion, a PE ratio of 13.21, a PEG ratio of 2.04 and a beta of 1.49. 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 posted its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. The business 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 business’s revenue was down .6% on a year-over-year basis. During the same period last year, the firm posted $2.61 earnings per share. Research analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 5.00%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several research reports. Barclays increased their price objective on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Morgan Stanley increased their price objective on shares of Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Telsey Advisory Group upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. The Goldman Sachs Group increased their price objective on shares of Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Finally, UBS Group increased their price objective on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $84.60.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 2,505 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now directly owns 25,638 shares in the company, valued at $2,097,188.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Todd G. Hartman sold 3,973 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the sale, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,394 shares of company stock worth $4,206,247. Corporate insiders own 0.56% of the company’s stock.

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.