SPC Financial Inc. Acquires 486 Shares of Best Buy Co., Inc. (NYSE:BBY)

SPC Financial Inc. raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 12.3% during the second quarter, Holdings Channel.com reports. The fund owned 4,442 shares of the technology retailer’s stock after purchasing an additional 486 shares during the period. SPC Financial Inc.’s holdings in Best Buy were worth $374,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BBY. Richardson Financial Services Inc. boosted its position in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the last quarter. Rise Advisors LLC lifted its stake in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares during the period. Palisade Asset Management LLC bought a new position in Best Buy during the first quarter worth about $27,000. PrairieView Partners LLC grew its position 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 period. Finally, Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $101.34 on Wednesday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The company’s fifty day simple moving average is $91.85 and its 200-day simple moving average is $84.65. The firm has a market cap of $21.86 billion, a PE ratio of 17.75, a P/E/G ratio of 2.56 and a beta of 1.46. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly 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. 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%. The company’s revenue for the quarter 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 expect that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business 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 $0.94 dividend. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.71%. Best Buy’s dividend payout ratio is 65.85%.

Analyst Ratings Changes

Several research analysts recently weighed in on BBY shares. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Wednesday. UBS Group lifted their price target on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wedbush upped their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Bank of America lifted their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 in the company, valued at $4,210,276.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders have sold 1,383,370 shares of company stock valued at $122,233,276 in the last 90 days. 0.59% of the stock is currently owned by insiders.

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.