Best Buy Co., Inc. (NYSE:BBY) Shares Bought by NewEdge Advisors LLC

NewEdge Advisors LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 11.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 38,911 shares of the technology retailer’s stock after buying an additional 4,142 shares during the quarter. NewEdge Advisors LLC’s holdings in Best Buy were worth $3,280,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Tobam increased its stake in Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after buying an additional 121 shares during the period. LVW Advisors LLC boosted its position in shares of Best Buy by 2.3% during the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after purchasing an additional 130 shares in the last quarter. Rise Advisors LLC boosted its position in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after purchasing an additional 134 shares in the last quarter. Finally, Continuum Advisory LLC boosted its position in shares of Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after purchasing an additional 149 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on BBY. Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Telsey Advisory Group boosted their target price on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Wells Fargo & Company boosted their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $102.41.

Insider Activity

In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction dated 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 owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the 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 sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock valued at $122,233,276 in the last 90 days. 0.59% of the stock is currently owned by insiders.

Best Buy Price Performance

NYSE:BBY opened at $99.71 on Thursday. The firm has a market cap of $21.51 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. 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 company’s 50-day moving average is $92.09 and its two-hundred day moving average is $84.75. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts expect 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. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio is currently 65.85%.

Best Buy 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.