Oak Thistle LLC Invests $260,000 in Best Buy Co., Inc. (NYSE:BBY)

Oak Thistle LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 3,088 shares of the technology retailer’s stock, valued at approximately $260,000.

A number of other large investors also recently modified their holdings of the company. Ballentine Partners LLC raised its holdings in shares of Best Buy by 34.8% in the 2nd quarter. Ballentine Partners LLC now owns 7,615 shares of the technology retailer’s stock worth $642,000 after purchasing an additional 1,967 shares during the period. Caprock Group LLC raised its holdings in shares of Best Buy by 833.8% during the 2nd quarter. Caprock Group LLC now owns 24,838 shares of the technology retailer’s stock valued at $2,117,000 after buying an additional 22,178 shares during the period. Stonebrook Private Inc. raised its holdings in shares of Best Buy by 8.0% during the 2nd quarter. Stonebrook Private Inc. now owns 19,967 shares of the technology retailer’s stock valued at $1,683,000 after buying an additional 1,486 shares during the period. Greystone Financial Group LLC purchased a new stake in shares of Best Buy during the 2nd quarter valued at about $4,043,000. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of Best Buy by 18.9% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 143,462 shares of the technology retailer’s stock valued at $12,092,000 after buying an additional 22,842 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of BBY opened at $96.33 on Wednesday. The firm has a market cap of $20.78 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 2.58 and a beta of 1.46. The stock has a 50 day moving average of $87.94 and a 200-day moving average of $82.41. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during 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 business’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 EPS. As a group, analysts forecast that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed 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 is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.90%. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction that occurred 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 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction that occurred 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 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 in the last 90 days. 0.59% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BBY shares. Citigroup raised their target price on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Loop Capital raised their target price on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Evercore ISI lifted their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average target price of $102.56.

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.