Rockland Trust Co. Has $1.21 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Rockland Trust Co. grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,715 shares of the technology retailer’s stock after buying an additional 280 shares during the quarter. Rockland Trust Co.’s holdings in Best Buy were worth $1,210,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Ninety One UK Ltd bought a new position in shares of Best Buy in the second quarter worth about $121,325,000. Thrivent Financial for Lutherans increased its holdings in shares of Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp raised its position in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Epoch Investment Partners Inc. lifted its holdings in Best Buy by 11,586.7% during the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock worth $53,710,000 after buying an additional 680,257 shares in the last quarter. Finally, Swedbank AB acquired a new position in Best Buy during the 1st quarter worth $43,522,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Down 1.5 %

Shares of Best Buy stock opened at $98.19 on Friday. The company has a market capitalization of $21.18 billion, a P/E ratio of 17.20, 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. The business has a 50-day moving average of $92.30 and a two-hundred day moving average of $84.84. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year 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. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the business earned $1.22 EPS. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, 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 disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a $0.94 dividend. The ex-dividend date is Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.83%. Best Buy’s dividend payout ratio is currently 65.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Loop Capital boosted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. raised their target price 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. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, Truist Financial increased their price objective 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 research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.41.

Insider Buying and Selling

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 stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,383,370 shares of company stock valued at $122,233,276. Company insiders own 0.59% of the company’s stock.

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.