Picton Mahoney Asset Management Invests $75,000 in Best Buy Co., Inc. (NYSE:BBY)

Picton Mahoney Asset Management purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 890 shares of the technology retailer’s stock, valued at approximately $75,000.

A number of other institutional investors have also made changes to their positions in BBY. Rise Advisors LLC raised its stake in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares in the last quarter. Access Investment Management LLC bought a new position in shares of Best Buy in the 4th quarter valued at approximately $27,000. Palisade Asset Management LLC bought a new position in shares of Best Buy in the 1st quarter valued at approximately $27,000. PrairieView Partners LLC raised its stake in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares in the last quarter. Finally, Innealta Capital LLC bought a new position in shares of Best Buy in the 2nd quarter valued at approximately $35,000. 80.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Barclays raised their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday. Evercore ISI raised their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday. Wells Fargo & Company raised their target price on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday. DA Davidson raised their target price on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Truist Financial raised their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $100.94.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is currently owned by insiders.

Best Buy Price Performance

Shares of BBY stock opened at $100.40 on Monday. The stock’s fifty day simple moving average is $85.94 and its 200 day simple moving average is $81.19. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The firm has a market cap of $21.66 billion, a price-to-earnings ratio of 17.58, a P/E/G ratio of 3.20 and a beta of 1.48. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.27 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.75%. Best Buy’s payout ratio is 65.85%.

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.