Farther Finance Advisors LLC Acquires 605 Shares of Best Buy Co., Inc. (NYSE:BBY)

Farther Finance Advisors LLC lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 9.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,873 shares of the technology retailer’s stock after buying an additional 605 shares during the period. Farther Finance Advisors LLC’s holdings in Best Buy were worth $566,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Best Buy in the fourth quarter worth $165,164,000. Ninety One UK Ltd bought a new stake in shares of Best Buy in the 2nd quarter worth about $121,325,000. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 55.7% during 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 purchasing an additional 1,024,824 shares during the period. Epoch Investment Partners Inc. grew its holdings in Best Buy by 11,586.7% during the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after purchasing an additional 680,257 shares during the last quarter. Finally, KBC Group NV raised its position in Best Buy by 320.4% in the 4th quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock worth $67,352,000 after purchasing an additional 655,750 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on BBY. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Citigroup upped their price objective on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Telsey Advisory Group upped their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Wedbush lifted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $102.56.

Best Buy Trading Up 0.5 %

Shares of NYSE:BBY opened at $100.94 on Wednesday. The company has a market capitalization of $21.77 billion, a PE ratio of 17.68, a P/E/G ratio of 3.20 and a beta of 1.48. 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 12-month low of $62.30 and a 12-month high of $103.71. The business’s fifty day simple moving average is $86.45 and its 200-day simple moving average is $81.57.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The company 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%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.27 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.72%. Best Buy’s payout ratio is 65.85%.

Insider Buying and Selling at Best Buy

In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the business’s 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 sale, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. 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. Corporate insiders own 0.59% of the company’s stock.

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.