DNB Asset Management AS raised its stake in shares of Best Buy Co., Inc. (NYSE: BBY – Get Rating) by 3.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,024 shares of the technology retailer’s stock after buying an additional 3,297 shares during the period. DNB Asset Management AS’s holdings in Best Buy were worth $ 7,910,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the business. SOA Wealth Advisors LLC. increased its holdings in shares of Best Buy by 419.7% during the 1st quarter. SOA Wealth Advisors LLC. now owns 14,381 shares of technology retailer’s stock valued at $ 1,307,000 after acquiring an additional 11,614 shares during the last quarter. Telemus Capital LLC boosted its position in Best Buy by 12.0% during the first quarter. Telemus Capital LLC now owns 51,160 shares of the technology retailer’s stock worth $ 4,650,000 after purchasing an additional 5,464 shares during the period. Pacer Advisors Inc. grew its holdings in Best Buy by 61.2% during the first quarter. Pacer Advisors Inc. now owns 24,587 shares of the technology retailer’s stock valued at $ 2,235,000 after purchasing an additional 9,331 shares during the last quarter. Centric Wealth Management raised its position in shares of Best Buy by 6.6% in the first quarter. Centric Wealth Management now owns 10,431 shares of the technology retailer’s stock valued at $ 948,000 after purchasing an additional 647 shares during the period. Finally, Adirondack Trust Co. acquired a new stake in shares of Best Buy in the first quarter worth $ 30,000. 80.79% of the stock is owned by institutional investors.
Shares of BBY stock opened at $ 70.47 on Wednesday. The firm has a fifty day moving average of $ 83.71 and a 200-day moving average of $ 93.64. The stock has a market cap of $ 15.87 billion, a price-to-earnings ratio of 7.82, a P / E / G ratio of 0.96 and a beta of 1.42. Best Buy Co., Inc. has a 52-week low of $ 67.66 and a 52-week high of $ 141.97. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.24 and a current ratio of 0.96.
Best Buy (NYSE: BBY – Get Rating) last posted its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $ 1.57 earnings per share (EPS) for the quarter, missing the estimate consensus of $ 1.61 by ($ 0.04). The business had revenue of $ 10.65 billion during the quarter, compared to analyst estimates of $ 10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period last year, the company earned $ 2.23 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 8.68 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th will be given a dividend of $ 0.88 per share. The ex-dividend date of this dividend is Monday, June 13th. This represents a $ 3.52 annualized dividend and a dividend yield of 5.00%. Best Buy’s dividend payout ratio (DPR) is presently 39.07%.
A number of research analysts have weighed in on BBY shares. DA Davidson boosted their target price on shares of Best Buy from $ 107.00 to $ 110.00 and gave the stock a “buy” rating in a research report on Wednesday, May 25th. Piper Sandler decreased their target price on Best Buy to $ 91.00 in a research note on Wednesday, May 25th. Truist Financial dropped their price target on Best Buy to $ 83.00 and set a “hold” rating on the stock in a research report on Thursday, May 19th. Wells Fargo & Company cut their price target on Best Buy to $ 82.00 in a report on Wednesday, May 25th. Finally, Guggenheim lowered their price objective on shares of Best Buy from $ 130.00 to $ 100.00 and set a “buy” rating on the stock in a research note on Wednesday, May 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average price target of $ 96.06.
In other Best Buy news, insider Allison Peterson sold 1,646 shares of the business’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $ 80.68, for a total value of $ 132,799.28. Following the transaction, the insider now directly owns 39,030 shares in the company, valued at $ 3,148,940.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Corie S. Barry sold 4,388 shares of the company stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $ 70.00, for a total transaction of $ 307,160.00. Following the sale, the chief executive officer now directly owns 315,313 shares in the company, valued at $ 22,071,910. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,151 shares of company stock worth $ 5,146,816. 0.44% of the stock is owned by insiders.
About Best Buy: (Get Rating)
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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