Stephens Inc. AR Sells 2,152 Shares of Best Buy Co., Inc. (NYSE:BBY)

Stephens Inc. AR trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 42.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,870 shares of the technology retailer’s stock after selling 2,152 shares during the quarter. Stephens Inc. AR’s holdings in Best Buy were worth $261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. Norges Bank bought a new position in shares of Best Buy during the 4th quarter valued at $251,898,000. First Trust Advisors LP increased its stake in shares of Best Buy by 37.2% in the 4th quarter. First Trust Advisors LP now owns 1,939,489 shares of the technology retailer’s stock worth $197,052,000 after purchasing an additional 526,208 shares in the last quarter. Invesco Ltd. increased its stake in shares of Best Buy by 24.7% in the 4th quarter. Invesco Ltd. now owns 1,691,744 shares of the technology retailer’s stock worth $171,880,000 after purchasing an additional 335,265 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Best Buy by 58.7% in the 1st quarter. Victory Capital Management Inc. now owns 868,739 shares of the technology retailer’s stock worth $78,126,000 after purchasing an additional 321,332 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Best Buy by 2.8% in the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock worth $1,063,725,000 after purchasing an additional 282,542 shares in the last quarter. 80.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on BBY. Bank of America lowered Best Buy from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 14th. Piper Sandler cut their price target on Best Buy to $91.00 in a research note on Wednesday, May 25th. Telsey Advisory Group cut their price target on Best Buy from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Guggenheim cut their price target on Best Buy from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, August 1st. Finally, Citigroup reiterated a “buy” rating on shares of Best Buy in a research note on Thursday, June 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $87.69.

Insiders Place Their Bets

In other Best Buy news, insider Allison Peterson sold 1,646 shares of the firm’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 completion of the sale, the insider now owns 39,030 shares of the company’s stock, valued at $3,148,940.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Richard M. Schulze acquired 250,000 shares of the firm’s stock in a transaction on Wednesday, May 25th. The stock was acquired at an average price of $79.60 per share, with a total value of $19,900,000.00. Following the completion of the purchase, the chairman now directly owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Allison Peterson sold 1,646 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total transaction of $132,799.28. Following the completion of the sale, the insider now directly owns 39,030 shares of the company’s stock, valued at approximately $3,148,940.40. The disclosure for this sale can be found here. Insiders sold a total of 63,011 shares of company stock valued at $5,036,334 over the last 90 days. Insiders own 0.44% of the company’s stock.

Best Buy Stock Up 0.1 %

Shares of NYSE:BBY opened at $76.38 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.24 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a 12 month low of $64.29 and a 12 month high of $141.97. The company has a 50-day moving average price of $73.60 and a 200 day moving average price of $87.09. The company has a market cap of $17.20 billion, a price-to-earnings ratio of 8.48, a PEG ratio of 0.62 and a beta of 1.50.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.02). Best Buy had a net margin of 4.33% and a return on equity of 63.39%. The business had revenue of $10.65 billion during the quarter, compared to the consensus estimate of $10.43 billion. During the same period in the previous year, the business posted $2.23 EPS. The firm’s revenue was down 8.5% on a year-over-year basis. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.9 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date was Monday, June 13th. Best Buy’s payout ratio is 39.07%.

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.

See Also

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBYGet Rating).

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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