National Bank of Canada FI Has $4.82 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

National Bank of Canada FI increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 22.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,630 shares of the technology retailer’s stock after purchasing an additional 10,712 shares during the quarter. National Bank of Canada FI’s holdings in Best Buy were worth $4,824,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tobam grew its holdings in Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after acquiring an additional 121 shares during the last quarter. LVW Advisors LLC grew its holdings in Best Buy by 2.3% during the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after acquiring an additional 130 shares during the last quarter. Rise Advisors LLC grew its holdings in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. MCF Advisors LLC grew its holdings in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after acquiring an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC grew its holdings in Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after acquiring an additional 149 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Bank of America boosted 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, August 30th. Evercore ISI upped their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. The Goldman Sachs Group upped their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. UBS Group upped their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, DA Davidson upped their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $102.56.

Best Buy Stock Down 1.8 %

Best Buy stock opened at $96.33 on Wednesday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm’s fifty day moving average is $87.94 and its 200 day moving average is $82.41. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The company has a market capitalization of $20.78 billion, a PE ratio of 16.87, a PEG ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.22 earnings per share. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.26 EPS 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. Stockholders of record on Thursday, September 19th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.90%. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity

In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated 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 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 filing with the SEC, which is accessible through the SEC website. In related news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following 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. Insiders sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last quarter. Insiders own 0.59% of the company’s stock.

About Best Buy

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.