Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by NewEdge Advisors LLC

NewEdge Advisors LLC increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 11.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,911 shares of the technology retailer’s stock after purchasing an additional 4,142 shares during the quarter. NewEdge Advisors LLC’s holdings in Best Buy were worth $3,280,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rise Advisors LLC boosted its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the period. Palisade Asset Management LLC purchased a new position in Best Buy in the 1st quarter worth approximately $27,000. Richardson Financial Services Inc. boosted its holdings in 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 acquiring an additional 210 shares during the period. PrairieView Partners LLC boosted its holdings in Best Buy by 67.1% in 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 during the period. Finally, Innealta Capital LLC purchased a new position in Best Buy in the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BBY. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Evercore ISI increased their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note 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. Finally, Wells Fargo & Company increased their target price on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Price Performance

Shares of NYSE BBY opened at $99.71 on Thursday. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The business’s fifty day moving average price is $92.09 and its two-hundred day moving average price is $84.75. The firm has a market capitalization of $21.51 billion, a PE ratio of 17.46, a P/E/G ratio of 2.56 and a beta of 1.46.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.77%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio is presently 65.85%.

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction 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 transaction, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders have sold 1,383,370 shares of company stock valued at $122,233,276 over the last three months. Company insiders own 0.59% of the company’s stock.

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.