LGT Group Foundation Cuts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

LGT Group Foundation lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 54.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,765 shares of the technology retailer’s stock after selling 3,265 shares during the quarter. LGT Group Foundation’s holdings in Best Buy were worth $233,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Tobam boosted its position in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after acquiring an additional 121 shares during the last quarter. LVW Advisors LLC lifted its position in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after buying an additional 130 shares during the last quarter. Rise Advisors LLC lifted its position in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares during the last quarter. MCF Advisors LLC lifted its position 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 buying an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC lifted its position in Best Buy by 34.7% in the second quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after buying an additional 149 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BBY shares. Evercore ISI upped their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Bank of America upped their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Barclays boosted their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Loop Capital boosted their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.56.

Best Buy Price Performance

BBY stock opened at $96.33 on Wednesday. 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 Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The stock’s 50 day moving average is $87.94 and its two-hundred day moving average is $82.41. The company has a market capitalization of $20.78 billion, a PE ratio of 16.87, a P/E/G ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last issued 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 the consensus estimate of $9.23 billion. During the same period in the previous year, the business earned $1.22 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Analysts predict that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.90%. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the business’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 owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 in the last 90 days. 0.59% of the stock is currently owned by company insiders.

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.