MBB Public Markets I LLC Invests $1.05 Million in Best Buy Co., Inc. (NYSE:BBY)

MBB Public Markets I LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the second quarter, HoldingsChannel reports. The institutional investor bought 12,417 shares of the technology retailer’s stock, valued at approximately $1,047,000.

Other hedge funds also recently modified their holdings of the company. Rise Advisors LLC lifted 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 buying an additional 132 shares during the last quarter. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the 1st quarter worth about $27,000. Richardson Financial Services Inc. lifted its stake in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. PrairieView Partners LLC lifted its stake in shares of 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 buying an additional 151 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in shares of Best Buy during the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on BBY shares. Melius Research started coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Wedbush raised their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Citigroup raised their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Telsey Advisory Group raised their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Monday, September 23rd. 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 issued a strong buy rating to the company. According to MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average price target of $102.41.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 in the company, valued at $4,210,276.28. 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 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Trading Up 1.0 %

Shares of Best Buy stock opened at $103.30 on Tuesday. The firm has a market capitalization of $22.28 billion, a PE ratio of 18.09, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. 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 firm’s 50 day moving average is $91.60 and its 200 day moving average is $84.48. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year 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 the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.22 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.64%. Best Buy’s dividend payout ratio is presently 65.85%.

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.