Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Tompkins Financial Corp

Tompkins Financial Corp lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 16.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,050 shares of the technology retailer’s stock after selling 200 shares during the period. Tompkins Financial Corp’s holdings in Best Buy were worth $86,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale lifted its position in Best Buy by 7.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 130,690 shares of the technology retailer’s stock valued at $8,986,000 after acquiring an additional 9,048 shares during the last quarter. Kestra Advisory Services LLC lifted its position in Best Buy by 73.6% in the third quarter. Kestra Advisory Services LLC now owns 19,746 shares of the technology retailer’s stock valued at $1,372,000 after acquiring an additional 8,374 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in Best Buy in the third quarter valued at $4,480,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Best Buy in the third quarter valued at $3,352,000. Finally, Envestnet Asset Management Inc. lifted its position in Best Buy by 0.3% in the third quarter. Envestnet Asset Management Inc. now owns 635,781 shares of the technology retailer’s stock valued at $44,168,000 after acquiring an additional 1,855 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 2.6 %

Shares of BBY opened at $93.63 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average is $78.26 and its two-hundred day moving average is $77.08. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.72. The firm has a market capitalization of $20.20 billion, a P/E ratio of 16.40, a PEG ratio of 3.02 and a beta of 1.49.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.15 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be given a $0.94 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.02%. Best Buy’s dividend payout ratio is presently 65.85%.

Analyst Ratings Changes

A number of brokerages recently weighed in on BBY. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Truist Financial reduced their target price on shares of Best Buy from $87.00 to $86.00 and set a “hold” rating for the company in a report on Friday, May 31st. Barclays upped their target price 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. Jefferies Financial Group reduced their target price 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, Evercore ISI upped their target price on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $90.87.

Insider Activity

In other news, insider Todd G. Hartman sold 3,973 shares of the 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 sale, the insider now directly owns 25,912 shares in the company, valued at $2,119,601.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $324,991.40. Following the transaction, the insider now owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the chief accounting officer now directly owns 25,638 shares in the company, valued at approximately $2,097,188.40. The disclosure for this sale can be found here. Insiders have sold 2,052,023 shares of company stock worth $170,313,900 over the last ninety days. 0.59% of the stock is currently owned by 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.