Bank of Montreal Can Buys 7,123 Shares of Best Buy Co., Inc. (NYSE:BBY)

Bank of Montreal Can lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,851 shares of the technology retailer’s stock after acquiring an additional 7,123 shares during the period. Bank of Montreal Can owned approximately 0.09% of Best Buy worth $16,603,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in BBY. Rise Advisors LLC increased its position in shares of 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 in the last quarter. Palisade Asset Management LLC bought a new stake in shares of Best Buy during the first quarter worth $27,000. Richardson Financial Services Inc. increased its position in shares of Best Buy by 190.9% during 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 in the last quarter. PrairieView Partners LLC increased its position in shares of Best Buy by 67.1% during the first 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 bought a new stake in shares of Best Buy during the second quarter worth $35,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $102.26 on Friday. The firm has a 50-day moving average of $91.31 and a 200-day moving average of $84.20. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market cap of $22.06 billion, a PE ratio of 17.91, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current 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. This represents a $3.76 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated 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 in the company, valued at approximately $4,210,276.28. The sale 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 600,000 shares of Best Buy stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated 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 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 quarter. 0.59% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on BBY. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Telsey Advisory Group raised their target price on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Monday, September 23rd. Truist Financial raised their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. Finally, Melius Research started coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.