Vanguard Personalized Indexing Management LLC Raises Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Vanguard Personalized Indexing Management LLC grew its position in Best Buy Co., Inc. (NYSE:BBY) by 17.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,882 shares of the technology retailer’s stock after buying an additional 5,508 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in Best Buy were worth $3,064,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BBY. Rise Advisors LLC increased its stake in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the 1st quarter worth about $27,000. PrairieView Partners LLC raised its holdings in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after buying an additional 151 shares during the period. Innealta Capital LLC acquired a new position in Best Buy in the second quarter valued at about $35,000. Finally, American National Bank purchased a new position in Best Buy during the first quarter worth about $37,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Down 0.6 %

Shares of NYSE BBY opened at $98.48 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a market capitalization of $21.24 billion, a price-to-earnings ratio of 17.25, 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 current ratio of 1.01 and a quick ratio of 0.34. The business has a 50-day moving average of $89.93 and a two-hundred day moving average of $83.32.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during 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%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.22 earnings per share. On average, analysts forecast that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.82%. Best Buy’s dividend payout ratio is presently 65.85%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. DA Davidson upped their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Piper Sandler restated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Truist Financial lifted their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $102.56.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is 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.