Wellington Management Group LLP Sells 69,457 Shares of Best Buy Co., Inc. (NYSE:BBY)

Wellington Management Group LLP lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 96.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,329 shares of the technology retailer’s stock after selling 69,457 shares during the period. Wellington Management Group LLP’s holdings in Best Buy were worth $241,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the 3rd quarter valued at $40,000. Whittier Trust Co. increased its position in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its stake in Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock worth $42,000 after buying an additional 166 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Wells Fargo & Company decreased their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. Piper Sandler reissued an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Guggenheim dropped their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, November 29th. UBS Group reduced their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, Barclays increased their price objective on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Up 0.4 %

NYSE BBY opened at $85.55 on Friday. The company has a market cap of $18.29 billion, a PE ratio of 14.62, a PEG ratio of 2.19 and a beta of 1.44. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The stock has a 50 day moving average of $90.40 and a 200-day moving average of $90.53. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the business earned $1.29 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.40%. Best Buy’s payout ratio is 64.27%.

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.