Livforsakringsbolaget Skandia Omsesidigt Purchases 1,700 Shares of Best Buy Co., Inc. (NYSE:BBY)

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 439.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,087 shares of the technology retailer’s stock after buying an additional 1,700 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Best Buy were worth $217,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in BBY. AMF Tjanstepension AB bought a new stake in shares of Best Buy in the 1st quarter valued at approximately $8,676,000. GAMMA Investing LLC lifted its holdings in shares of Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after buying an additional 898 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares during the period. M&G Plc acquired a new position in Best Buy in the 1st quarter worth about $8,608,000. Finally, Van ECK Associates Corp increased its stake in Best Buy by 21.9% during the 1st quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock worth $9,715,000 after buying an additional 21,258 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.5 %

Shares of NYSE BBY opened at $96.91 on Tuesday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The firm has a fifty day moving average of $94.17 and a 200-day moving average of $85.80. The stock has a market capitalization of $20.90 billion, a PE ratio of 16.97, a P/E/G ratio of 2.58 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 announced its quarterly earnings data 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the company earned $1.22 EPS. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.88%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s 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 completion of the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,379,870 shares of company stock valued at $121,942,706. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wells Fargo & Company increased their price objective on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Telsey Advisory Group raised their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Bank of America raised 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. Truist Financial raised their price target on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Finally, Loop Capital lifted their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $102.41.

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.