Chevy Chase Trust Holdings LLC Sells 1,046 Shares of Best Buy Co., Inc. (NYSE:BBY)

Chevy Chase Trust Holdings LLC cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 1.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 105,170 shares of the technology retailer’s stock after selling 1,046 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Best Buy were worth $8,865,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. AMF Tjanstepension AB bought a new stake in Best Buy in the first quarter worth $8,676,000. GAMMA Investing LLC lifted its holdings in shares of Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the last quarter. Bridgewater Associates LP boosted its stake in shares of Best Buy by 34.9% during the 4th quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock worth $15,277,000 after purchasing an additional 50,438 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new stake in Best Buy in the 4th quarter worth about $328,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BBY shares. Wedbush restated a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and boosted their price objective for the company from $67.00 to $100.00 in a report on Monday, June 3rd. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and increased their target price for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Truist Financial reissued a “hold” rating and set a $86.00 target price on shares of Best Buy in a research note on Monday, July 1st. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Best Buy in a research note on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

Best Buy Price Performance

NYSE BBY opened at $87.05 on Thursday. The company has a market cap of $18.78 billion, a PE ratio of 15.25, a P/E/G ratio of 2.76 and a beta of 1.48. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm’s 50 day moving average price is $85.86 and its 200-day moving average price is $80.34.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (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 analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were issued a $0.94 dividend. The ex-dividend date was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.32%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,383,370 shares of company stock valued at $288,293,276. 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.