Best Buy Co., Inc. (NYSE:BBY) Stock Holdings Increased by Ascent Group LLC

Ascent Group LLC boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 23.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,643 shares of the technology retailer’s stock after buying an additional 1,623 shares during the quarter. Ascent Group LLC’s holdings in Best Buy were worth $729,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Rise Advisors LLC increased its holdings 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. Palisade Asset Management LLC bought a new stake in Best Buy in the first quarter valued at about $27,000. Richardson Financial Services Inc. increased its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. PrairieView Partners LLC increased its holdings in Best Buy by 67.1% in the first 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 last quarter. Finally, Innealta Capital LLC bought a new stake in Best Buy in the second quarter valued at about $35,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

BBY opened at $103.30 on Tuesday. The company has a market capitalization of $22.28 billion, a price-to-earnings ratio of 18.09, 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. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The business has a 50 day moving average price of $91.60 and a two-hundred day moving average price of $84.48.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping 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 revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.22 earnings per share. Research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.64%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Activity

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

Analyst Ratings Changes

Several research firms have recently commented on BBY. BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. StockNews.com raised Best Buy from a “hold” rating to a “buy” rating in a report on Monday, September 23rd. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Telsey Advisory Group upped their target price on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $102.41.

About Best Buy

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.