Rockland Trust Co. Has $929,000 Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Rockland Trust Co. raised its position in Best Buy Co., Inc. (NYSE:BBY) by 3.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,324 shares of the technology retailer’s stock after buying an additional 370 shares during the quarter. Rockland Trust Co.’s holdings in Best Buy were worth $929,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LexAurum Advisors LLC acquired a new position in Best Buy in the 1st quarter valued at $203,000. Park Avenue Securities LLC lifted its position in shares of Best Buy by 7.3% during the 1st quarter. Park Avenue Securities LLC now owns 6,927 shares of the technology retailer’s stock valued at $568,000 after acquiring an additional 469 shares during the period. American National Bank bought a new stake in shares of Best Buy during the 1st quarter valued at $37,000. Wedmont Private Capital lifted its position in shares of Best Buy by 18.4% during the 1st quarter. Wedmont Private Capital now owns 5,478 shares of the technology retailer’s stock valued at $452,000 after acquiring an additional 852 shares during the period. Finally, Banque Cantonale Vaudoise lifted its position in shares of Best Buy by 15.9% during the 1st quarter. Banque Cantonale Vaudoise now owns 55,179 shares of the technology retailer’s stock valued at $4,526,000 after acquiring an additional 7,568 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of Best Buy stock opened at $90.40 on Friday. The business’s fifty day simple moving average is $78.76 and its 200 day simple moving average is $77.32. The firm has a market capitalization of $19.50 billion, a P/E ratio of 15.83, a price-to-earnings-growth ratio of 2.98 and a beta of 1.49. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37.

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

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date is Thursday, June 20th. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity

In other news, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, 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 transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,004,149 shares of company stock worth $166,397,807. 0.59% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent analyst reports. Telsey Advisory Group reiterated an “outperform” rating and set a $95.00 target price on shares of Best Buy in a research report on Thursday, May 30th. Jefferies Financial Group decreased their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Morgan Stanley raised their target price on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. DA Davidson raised their target price on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Finally, Evercore ISI increased their price target on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a report on Friday, May 31st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $90.87.

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.