ProShare Advisors LLC Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

ProShare Advisors LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,595 shares of the technology retailer’s stock after acquiring an additional 2,184 shares during the quarter. ProShare Advisors LLC’s holdings in Best Buy were worth $3,337,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of BBY. Rise Advisors LLC raised its position in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in Best Buy in the first quarter valued at $27,000. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the last quarter. PrairieView Partners LLC grew its holdings in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares in the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of a number of research reports. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. DA Davidson boosted their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. The Goldman Sachs Group upped 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. Piper Sandler reiterated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Trading Up 2.2 %

NYSE:BBY opened at $100.00 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The business has a fifty day moving average of $90.80 and a 200-day moving average of $83.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market cap of $21.47 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company earned $1.22 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

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

Insider Activity

In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’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 transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’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 sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is owned by company insiders.

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.