Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Albion Financial Group UT

Albion Financial Group UT increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 15.7% during the 1st quarter, HoldingsChannel reports. The fund owned 7,975 shares of the technology retailer’s stock after acquiring an additional 1,085 shares during the quarter. Albion Financial Group UT’s holdings in Best Buy were worth $654,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. LPL Financial LLC boosted its stake in shares of Best Buy by 1.3% during the 3rd quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer’s stock valued at $6,870,000 after buying an additional 1,233 shares during the last quarter. Bank of Nova Scotia boosted its stake in Best Buy by 12.8% during the 3rd quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer’s stock valued at $1,334,000 after acquiring an additional 2,174 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in Best Buy by 2,043.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 60,734 shares of the technology retailer’s stock worth $4,219,000 after acquiring an additional 57,900 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Best Buy by 1,290.3% in the 3rd quarter. Lazard Asset Management LLC now owns 150,296 shares of the technology retailer’s stock worth $10,440,000 after purchasing an additional 139,486 shares during the last quarter. Finally, AXQ Capital LP acquired a new stake in shares of Best Buy in the 3rd quarter valued at about $632,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the sale, the chairman now owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the sale, the chairman now owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the sale, the chief accounting officer now directly 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 90 days, insiders have sold 2,004,149 shares of company stock worth $166,397,807. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

NYSE BBY opened at $82.33 on Thursday. The firm has a market capitalization of $17.76 billion, a PE ratio of 14.42, a P/E/G ratio of 2.65 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company’s 50 day simple moving average is $80.02 and its 200 day simple moving average is $77.83.

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 firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. During the same period in the previous year, the company earned $1.15 earnings per share. Best Buy’s revenue was down 6.5% compared to the same quarter last year. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s payout ratio is 65.85%.

Analyst Ratings Changes

A number of research firms recently commented on BBY. Wedbush reiterated a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a research note on Tuesday, May 28th. Citigroup raised Best Buy from a “sell” rating to a “buy” rating and upped their target price for the company from $67.00 to $100.00 in a report on Monday, June 3rd. Telsey Advisory Group reissued an “outperform” rating and issued a $95.00 price target on shares of Best Buy in a report on Thursday, May 30th. Jefferies Financial Group lowered their price objective 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. Finally, JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price 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.