Ritholtz Wealth Management Buys 935 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ritholtz Wealth Management grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 6.3% during the second quarter, Holdings Channel.com reports. The fund owned 15,722 shares of the technology retailer’s stock after purchasing an additional 935 shares during the quarter. Ritholtz Wealth Management’s holdings in Best Buy were worth $1,325,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Raymond James & Associates grew its stake in Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock worth $284,712,000 after purchasing an additional 490,801 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Best Buy by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock worth $218,527,000 after buying an additional 107,926 shares in the last quarter. Norges Bank purchased a new position in shares of Best Buy during the fourth quarter valued at $165,164,000. Finally, Ninety One UK Ltd bought a new stake in shares of Best Buy in the second quarter valued at about $121,325,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Up 0.2 %

NYSE:BBY opened at $100.40 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a market cap of $21.66 billion, a PE ratio of 17.58, a P/E/G ratio of 3.20 and a beta of 1.48. The company’s 50 day moving average is $86.16 and its two-hundred day moving average is $81.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts anticipate that Best Buy Co., Inc. will post 6.27 EPS for the current year.

Best Buy Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BBY. Bank of America increased their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday. Truist Financial increased their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday. Citigroup upped their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday. Finally, Wells Fargo & Company lifted their price target on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” 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 issued a buy rating to the company’s stock. According to MarketBeat, Best Buy has a consensus rating of “Hold” and an average price target of $100.94.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were 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 directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last three months. 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.