Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its stake in Best Buy Co., Inc. (NYSE:BBYGet Rating) by 21.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 36,366 shares of the technology retailer’s stock after selling 10,079 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Best Buy were worth $2,371,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BBY. Metis Global Partners LLC raised its holdings in Best Buy by 78.0% in the 1st quarter. Metis Global Partners LLC now owns 3,504 shares of the technology retailer’s stock worth $318,000 after purchasing an additional 1,535 shares during the period. Arizona State Retirement System raised its holdings in Best Buy by 0.4% in the 1st quarter. Arizona State Retirement System now owns 61,619 shares of the technology retailer’s stock worth $5,601,000 after purchasing an additional 243 shares during the period. abrdn plc raised its holdings in Best Buy by 31.4% in the 1st quarter. abrdn plc now owns 194,348 shares of the technology retailer’s stock worth $18,056,000 after purchasing an additional 46,468 shares during the period. Versor Investments LP acquired a new position in Best Buy in the 1st quarter worth about $273,000. Finally, Envestnet Asset Management Inc. raised its holdings in Best Buy by 6.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 432,606 shares of the technology retailer’s stock worth $39,324,000 after purchasing an additional 26,223 shares during the period. Institutional investors and hedge funds own 79.86% of the company’s stock.

Best Buy Trading Up 12.8 %

Shares of Best Buy stock opened at $79.88 on Wednesday. The firm has a market capitalization of $17.98 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 0.66 and a beta of 1.46. Best Buy Co., Inc. has a fifty-two week low of $60.78 and a fifty-two week high of $121.87. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.27 and a current ratio of 0.96. The stock has a 50 day moving average of $68.00 and a 200 day moving average of $73.04.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings data on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.35. The company had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.30 billion. Best Buy had a return on equity of 57.98% and a net margin of 3.60%. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.08 earnings per share. As a group, research analysts predict that Best Buy Co., Inc. will post 6.17 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 11th. Investors of record on Tuesday, September 20th were given a $0.88 dividend. The ex-dividend date of this dividend was Monday, September 19th. This represents a $3.52 annualized dividend and a yield of 4.41%. Best Buy’s payout ratio is 47.18%.

Insider Buying and Selling

In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the transaction, the executive vice president now directly owns 50,101 shares in the company, valued at $3,625,809.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the transaction, the executive vice president now directly owns 44,910 shares in the company, valued at $3,439,207.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the transaction, the executive vice president now owns 50,101 shares in the company, valued at $3,625,809.37. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,533 shares of company stock worth $1,925,382. Company insiders own 0.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BBY. Wells Fargo & Company reduced their price target on Best Buy from $82.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 28th. The Goldman Sachs Group upped their price target on Best Buy from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday. Citigroup boosted their price objective on Best Buy from $59.00 to $61.00 and gave the stock a “sell” rating in a research note on Wednesday, August 31st. Telsey Advisory Group cut their price objective 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. Finally, Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and cut their price objective for the stock from $106.00 to $71.00 in a research note on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $82.88.

Best Buy Company Profile

(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.

Further Reading

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

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