690 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Strategic Investment Solutions Inc. IL

Strategic Investment Solutions Inc. IL purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 690 shares of the technology retailer’s stock, valued at approximately $60,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Nova Scotia increased its stake in Best Buy by 32.2% during the fourth quarter. Bank of Nova Scotia now owns 25,393 shares of the technology retailer’s stock worth $1,988,000 after acquiring an additional 6,187 shares during the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth about $862,000. Rafferty Asset Management LLC raised its holdings in Best Buy by 10.8% in the 4th quarter. Rafferty Asset Management LLC now owns 24,433 shares of the technology retailer’s stock valued at $1,913,000 after buying an additional 2,377 shares during the period. CIBC Private Wealth Group LLC acquired a new position in Best Buy in the fourth quarter valued at about $644,000. Finally, Royal London Asset Management Ltd. boosted its stake in Best Buy by 5.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 78,100 shares of the technology retailer’s stock worth $6,114,000 after buying an additional 3,832 shares during the period. 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 691,328 shares of the company’s stock in a transaction 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 transaction, 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 document filed with the SEC, which is available at this link. In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s 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 transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 691,328 shares of the business’s 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 owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Truist Financial boosted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. Telsey Advisory Group raised their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Melius Research initiated coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. Finally, Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research 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 stock. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $102.41.

Best Buy Price Performance

Shares of BBY opened at $99.71 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm’s fifty day simple moving average is $92.09 and its 200-day simple moving average is $84.75. The firm has a market capitalization of $21.51 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71.

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

Best Buy Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 3.77%. Best Buy’s dividend payout ratio is currently 65.85%.

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.