Sei Investments Co. Has $3.20 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Sei Investments Co. grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,917 shares of the technology retailer’s stock after purchasing an additional 818 shares during the quarter. Sei Investments Co.’s holdings in Best Buy were worth $3,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in BBY. Tobam lifted its stake in Best Buy by 15.6% in the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the period. LVW Advisors LLC boosted its stake in Best Buy by 2.3% during the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after acquiring an additional 130 shares in the last quarter. Rise Advisors LLC grew its holdings in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC increased its stake in Best Buy by 2.7% in the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares in the last quarter. Finally, Continuum Advisory LLC raised its holdings in shares of Best Buy by 34.7% during the second quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after purchasing an additional 149 shares during the period. Institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of several research reports. Wells Fargo & Company raised 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. Telsey Advisory Group boosted their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Bank of America increased 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. Melius Research initiated coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. Finally, Evercore ISI raised their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

NYSE BBY opened at $98.19 on Friday. The company has a market capitalization of $21.18 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The company has a 50-day simple moving average of $92.30 and a 200 day simple moving average of $84.84.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating 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 return on equity of 47.19% and a net margin of 2.96%. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is currently 65.85%.

Insider Buying and Selling

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 value 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction 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 completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’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 completion of the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,383,370 shares of company stock valued at $122,233,276. Company insiders own 0.59% of the company’s stock.

Best Buy Company 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.