Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 145,555 shares of the technology retailer’s stock after acquiring an additional 5,197 shares during the period. The Manufacturers Life Insurance Company’s holdings in Best Buy were worth $12,269,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BBY. Tobam grew its stake in shares of Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares in the last quarter. LVW Advisors LLC lifted its holdings in Best Buy by 2.3% during the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after buying an additional 130 shares during the last quarter. Rise Advisors LLC boosted its position 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 acquiring an additional 132 shares in the last quarter. MCF Advisors LLC increased its holdings in shares of Best Buy by 2.7% in the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after acquiring an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC raised its position in shares of Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after acquiring an additional 149 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock valued at $122,233,276 over the last three months. 0.59% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BBY. Wells Fargo & Company increased their price target on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Melius Research started coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price on the stock. The Goldman Sachs Group boosted their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Evercore ISI raised their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Finally, UBS Group boosted their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. One research 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.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

BBY opened at $98.19 on Friday. The stock’s 50 day simple moving average is $92.30 and its 200 day simple moving average is $84.84. The stock has a market cap of $21.18 billion, a P/E ratio of 17.20, a P/E/G ratio of 2.56 and a beta of 1.46. 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.

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

Best Buy Dividend Announcement

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 given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.83%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

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.