Wealth Advisors of Tampa Bay LLC Purchases 805 Shares of Best Buy Co., Inc. (NYSE:BBY)

Wealth Advisors of Tampa Bay LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 1.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,454 shares of the technology retailer’s stock after purchasing an additional 805 shares during the period. Best Buy accounts for 1.8% of Wealth Advisors of Tampa Bay LLC’s investment portfolio, making the stock its 22nd biggest position. Wealth Advisors of Tampa Bay LLC’s holdings in Best Buy were worth $3,831,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Best Buy during the fourth quarter worth about $165,164,000. Ninety One UK Ltd purchased a new position in shares of Best Buy during the second quarter worth about $121,325,000. Bank of New York Mellon Corp increased its position in shares of Best Buy by 55.7% in the second 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 last quarter. Epoch Investment Partners Inc. raised its stake in Best Buy by 11,586.7% in the fourth 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 in the last quarter. Finally, KBC Group NV lifted its position in Best Buy by 320.4% during the fourth 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 during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY stock opened at $98.48 on Friday. The stock has a market capitalization of $21.24 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.56 and a beta of 1.46. The firm’s 50-day moving average price is $89.93 and its two-hundred day moving average price is $83.32. 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 12-month low of $62.30 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the business earned $1.22 EPS. Best Buy’s revenue was down 3.1% compared to the same quarter last year. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.26 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors 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 3.82%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. UBS Group increased their price target on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wedbush increased their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Loop Capital lifted their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, The Goldman Sachs Group upped their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.56.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last quarter. Corporate insiders own 0.59% of the company’s stock.

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.