Janney Montgomery Scott LLC Raises Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Janney Montgomery Scott LLC raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,141 shares of the technology retailer’s stock after purchasing an additional 1,308 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Best Buy were worth $3,457,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BBY. Bfsg LLC bought a new stake in shares of Best Buy during the 4th quarter valued at $25,000. Rise Advisors LLC boosted its holdings in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares in the last quarter. Naples Money Management LLC bought a new stake in shares of Best Buy during the 4th quarter valued at $27,000. Access Investment Management LLC bought a new stake in shares of Best Buy during the 4th quarter valued at $27,000. Finally, Hartford Financial Management Inc. boosted its holdings in shares of Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after buying an additional 140 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of NYSE:BBY opened at $86.01 on Friday. The firm’s 50 day moving average price is $81.48 and its 200-day moving average price is $78.19. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.72. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $18.55 billion, a PE ratio of 15.06, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The firm had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. During the same quarter in the prior year, the business earned $1.15 EPS. The business’s quarterly revenue was down 6.5% on a year-over-year basis. Equities research analysts expect 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 was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date of this dividend was Thursday, June 20th. Best Buy’s payout ratio is 65.85%.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were 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 document filed with the SEC, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,004,129 shares of company stock worth $166,398,223. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research reports. Jefferies Financial Group dropped their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Truist Financial reiterated a “hold” rating and issued a $86.00 price target on shares of Best Buy in a research note on Monday, July 1st. 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. Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 price target on shares of Best Buy in a research note on Thursday, May 30th. Finally, Loop Capital upped their price target on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock 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.