Optimist Retirement Group LLC Invests $294,000 in Best Buy Co., Inc. (NYSE:BBY)

Optimist Retirement Group LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, Holdings Channel.com reports. The fund purchased 3,487 shares of the technology retailer’s stock, valued at approximately $294,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tobam increased its position in Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after acquiring an additional 121 shares during the period. LVW Advisors LLC boosted its stake in shares of 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 in the last quarter. Rise Advisors LLC boosted its stake in shares of 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 in the last quarter. MCF Advisors LLC boosted its stake in shares of 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 in the last quarter. Finally, Continuum Advisory LLC boosted its stake in shares of 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 in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

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 completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the sale, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,383,370 shares of company stock worth $122,233,276. Corporate insiders own 0.59% of the company’s stock.

Best Buy Trading Down 0.4 %

BBY opened at $99.07 on Thursday. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The company has a market cap of $21.37 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a fifty day moving average price of $89.68 and a two-hundred day moving average price of $83.21.

Best Buy (NYSE:BBY) last posted 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company 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 firm’s revenue for the quarter was down 3.1% on a year-over-year basis. Analysts predict that Best Buy Co., Inc. will post 6.26 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BBY shares. Bank of America increased their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. The Goldman Sachs Group raised their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Wedbush raised their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Finally, 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. One equities research 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.