Atria Wealth Solutions Inc. Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Atria Wealth Solutions Inc. lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,071 shares of the technology retailer’s stock after purchasing an additional 1,199 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Best Buy were worth $1,366,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Best Buy in the fourth quarter valued at $165,164,000. Ninety One UK Ltd acquired a new stake in Best Buy in the 2nd quarter valued at about $121,325,000. Epoch Investment Partners Inc. boosted its stake in shares of Best Buy by 11,586.7% in the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after buying an additional 680,257 shares during the period. KBC Group NV grew its position in shares of Best Buy by 320.4% during the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock worth $67,352,000 after buying an additional 655,750 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Best Buy during the first quarter worth approximately $43,522,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent analyst reports. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and increased their price objective for the company from $67.00 to $100.00 in a report on Monday, June 3rd. Wedbush reiterated a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. DA Davidson upped their target price on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Loop Capital raised their price target on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. Finally, Truist Financial reiterated a “hold” rating and issued a $86.00 price objective on shares of Best Buy in a research note on Monday, July 1st. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.87.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the transaction, the chairman now directly owns 8,850 shares of the company’s stock, valued at $709,858.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 completion of the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,383,370 shares of company stock worth $288,293,276. Insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $88.15 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72. The firm has a market capitalization of $19.02 billion, a P/E ratio of 15.44, a PEG ratio of 2.76 and a beta of 1.48. The company’s fifty day moving average is $85.84 and its two-hundred day moving average is $80.47.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The firm’s revenue was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.15 earnings per share. Analysts forecast that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

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.