Lane & Associates LLC Lowers Holdings in Best Buy Co., Inc. (NYSE:BBY)

Lane & Associates LLC decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 11.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,852 shares of the technology retailer’s stock after selling 360 shares during the quarter. Lane & Associates LLC’s holdings in Best Buy were worth $234,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in BBY. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 302 shares in the last quarter. Bfsg LLC bought a new stake in shares of Best Buy in the fourth quarter worth $25,000. Rise Advisors LLC grew its holdings in shares of Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the period. Naples Money Management LLC bought a new stake in shares of Best Buy in the fourth quarter worth $27,000. Finally, Access Investment Management LLC bought a new stake in shares of Best Buy in the fourth quarter worth $27,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of several research analyst reports. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $89.00 to $101.00 in a report on Friday, March 22nd. The Goldman Sachs Group boosted their target price on Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Loop Capital boosted their price objective on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. Wedbush reaffirmed a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research note on Tuesday, May 28th. Finally, Jefferies Financial Group dropped their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

Best Buy Stock Down 0.5 %

Shares of BBY traded down $0.44 during midday trading on Monday, hitting $89.96. 825,478 shares of the company’s stock traded hands, compared to its average volume of 3,162,257. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $93.72. The firm’s fifty day moving average is $78.76 and its 200-day moving average is $77.33. 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 stock has a market capitalization of $19.41 billion, a price-to-earnings ratio of 15.81, a price-to-earnings-growth ratio of 2.98 and a beta of 1.49.

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

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be issued a dividend of $0.94 per share. The ex-dividend date is Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Activity

In related news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mathew Watson sold 3,520 shares of the firm’s 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 owns 22,118 shares in the company, valued at approximately $1,823,186.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,004,149 shares of company stock worth $166,397,807. Insiders own 0.59% 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.