Hershey Financial Advisers LLC Acquires New Position in Best Buy Co., Inc. (NYSE:BBY)

Hershey Financial Advisers LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 571 shares of the technology retailer’s stock, valued at approximately $48,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. B. Riley Wealth Advisors Inc. acquired a new position in Best Buy during the second quarter worth $210,000. NewEdge Advisors LLC increased its holdings in shares of Best Buy by 11.9% in the 2nd quarter. NewEdge Advisors LLC now owns 38,911 shares of the technology retailer’s stock valued at $3,280,000 after purchasing an additional 4,142 shares in the last quarter. Nemes Rush Group LLC increased its holdings in shares of Best Buy by 6.4% in the 2nd quarter. Nemes Rush Group LLC now owns 111,785 shares of the technology retailer’s stock valued at $9,422,000 after purchasing an additional 6,763 shares in the last quarter. Creative Planning lifted its stake in shares of Best Buy by 5.8% in the second quarter. Creative Planning now owns 67,938 shares of the technology retailer’s stock valued at $5,727,000 after purchasing an additional 3,718 shares during the period. Finally, Magnolia Capital Advisors LLC acquired a new position in Best Buy during the second quarter worth about $4,825,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

BBY has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price on the stock. Loop Capital increased their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Bank of America increased their price target 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. Finally, 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 note on Friday, August 30th. One 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 given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.41.

Best Buy Stock Performance

NYSE BBY opened at $102.26 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a market capitalization of $22.06 billion, a P/E ratio of 17.91, a P/E/G ratio of 2.56 and a beta of 1.46. The business’s 50-day simple moving average is $91.31 and its 200-day simple moving average is $84.30.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the firm posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared 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. 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 presently 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.