Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Profund Advisors LLC

Profund Advisors LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 17.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,675 shares of the technology retailer’s stock after selling 753 shares during the quarter. Profund Advisors LLC’s holdings in Best Buy were worth $310,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Avalon Global Asset Management LLC acquired a new position in Best Buy during the second quarter worth $4,215,000. Thrivent Financial for Lutherans lifted its holdings in Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after buying an additional 1,074,718 shares in the last quarter. Sei Investments Co. boosted its holdings in Best Buy by 2.2% in the second quarter. Sei Investments Co. now owns 37,917 shares of the technology retailer’s stock valued at $3,196,000 after purchasing an additional 818 shares during the period. Skandinaviska Enskilda Banken AB publ increased its stake in shares of Best Buy by 15.6% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 57,873 shares of the technology retailer’s stock worth $4,878,000 after buying an additional 7,800 shares during the period. Finally, AE Wealth Management LLC increased its position in shares of Best Buy by 920.2% in the 2nd quarter. AE Wealth Management LLC now owns 131,605 shares of the technology retailer’s stock valued at $11,093,000 after purchasing an additional 118,705 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’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 directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, 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 value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the transaction, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 over the last ninety days. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Stock Up 2.3 %

NYSE BBY opened at $102.26 on Friday. 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 stock’s 50 day moving average is $91.04 and its two-hundred day moving average is $84.02. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a market capitalization of $22.06 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 2.56 and a beta of 1.46.

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

Best Buy Dividend Announcement

The company 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 $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio is currently 65.85%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Telsey Advisory Group increased their price target on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Loop Capital boosted their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Truist Financial lifted their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Evercore ISI increased their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $102.41.

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.