Choreo LLC Boosts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Choreo LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 171.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,859 shares of the technology retailer’s stock after purchasing an additional 5,591 shares during the quarter. Choreo LLC’s holdings in Best Buy were worth $731,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Norges Bank acquired a new stake in shares of Best Buy in the 4th quarter valued at approximately $165,164,000. Ninety One UK Ltd acquired a new stake in Best Buy in the second quarter valued at $121,325,000. Bank of New York Mellon Corp boosted its position 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 in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of 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 worth $53,710,000 after purchasing an additional 680,257 shares during the period. Finally, KBC Group NV increased its holdings in shares of Best Buy by 320.4% in the 4th quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after purchasing an additional 655,750 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Best Buy stock opened at $98.47 on Friday. The stock has a fifty day moving average price of $88.88 and a 200 day moving average price of $82.77. 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. The firm has a market capitalization of $21.24 billion, a P/E ratio of 17.25, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced 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. 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 for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the firm posted $1.22 EPS. The company’s revenue was down 3.1% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.26 earnings per share for the current year.

Best Buy Announces Dividend

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 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 dividend yield of 3.82%. Best Buy’s payout ratio is 65.85%.

Insider Buying and Selling

In other Best Buy 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 completion of the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction that occurred on 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 directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly 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. In the last ninety days, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Truist Financial raised their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Evercore ISI raised their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Finally, Telsey Advisory Group lifted their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $102.56.

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.