Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Nemes Rush Group LLC

Nemes Rush Group LLC increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 6.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,785 shares of the technology retailer’s stock after acquiring an additional 6,763 shares during the period. Best Buy makes up about 1.3% of Nemes Rush Group LLC’s holdings, making the stock its 27th largest holding. Nemes Rush Group LLC owned about 0.05% of Best Buy worth $9,422,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rise Advisors LLC raised its position in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in Best Buy in the first quarter valued at approximately $27,000. Richardson Financial Services Inc. lifted its stake in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. PrairieView Partners LLC grew its holdings in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares in the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Best Buy in the 2nd quarter valued at approximately $35,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 2.3 %

Shares of Best Buy stock opened at $102.26 on Friday. The company has a market cap of $22.06 billion, a P/E ratio of 17.91, a PEG ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The firm has a fifty day moving average of $91.31 and a two-hundred day moving average of $84.25. 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 (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the business posted $1.22 earnings per share. Best Buy’s revenue was down 3.1% compared to the same quarter last year. On average, analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.68%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

BBY has been the subject of several recent analyst reports. UBS Group lifted their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Citigroup increased their price objective on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Melius Research initiated coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Finally, Truist Financial upped their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $102.41.

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.