Park Avenue Securities LLC Invests $203,000 in Best Buy Co., Inc. (NYSE:BBY)

Park Avenue Securities LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,206 shares of the technology retailer’s stock, valued at approximately $203,000.

Several other institutional investors also recently modified their holdings of the stock. Newport Trust Co increased its holdings in Best Buy by 0.8% in the third quarter. Newport Trust Co now owns 1,229,127 shares of the technology retailer’s stock valued at $77,853,000 after purchasing an additional 9,613 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Best Buy by 13.5% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 144,118 shares of the technology retailer’s stock valued at $9,128,000 after purchasing an additional 17,096 shares during the period. Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in Best Buy in the third quarter valued at $1,404,000. Dupont Capital Management Corp increased its holdings in Best Buy by 24.1% in the third quarter. Dupont Capital Management Corp now owns 1,162 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 226 shares during the period. Finally, Gries Financial LLC increased its holdings in Best Buy by 15.1% in the third quarter. Gries Financial LLC now owns 18,206 shares of the technology retailer’s stock valued at $1,153,000 after purchasing an additional 2,387 shares during the period. 78.48% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of NYSE BBY opened at $83.63 on Wednesday. Best Buy Co., Inc. has a fifty-two week low of $60.78 and a fifty-two week high of $112.96. The stock has a market cap of $18.50 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 0.71 and a beta of 1.48. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.26 and a current ratio of 0.98. The firm’s 50-day simple moving average is $81.55 and its 200 day simple moving average is $75.22.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.35. Best Buy had a net margin of 3.23% and a return on equity of 57.26%. The business had revenue of $10.59 billion for the quarter, compared to analysts’ expectations of $10.30 billion. During the same quarter last year, the firm earned $2.08 EPS. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.59 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th were given a $0.88 dividend. The ex-dividend date was Monday, December 12th. This represents a $3.52 annualized dividend and a yield of 4.21%. Best Buy’s payout ratio is 52.69%.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 366,100 shares of the stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $81.94, for a total value of $29,998,234.00. Following the completion of the sale, the chairman now owns 590,148 shares in the company, valued at approximately $48,356,727.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Best Buy news, EVP Damien Harmon sold 2,500 shares of the stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $79.99, for a total value of $199,975.00. Following the completion of the sale, the executive vice president now owns 42,805 shares in the company, valued at approximately $3,423,971.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 366,100 shares of the stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $81.94, for a total transaction of $29,998,234.00. Following the completion of the sale, the chairman now owns 590,148 shares of the company’s stock, valued at approximately $48,356,727.12. The disclosure for this sale can be found here. 0.44% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BBY shares. Telsey Advisory Group increased their price objective on Best Buy from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, November 23rd. StockNews.com started coverage on shares of Best Buy in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. UBS Group upped their price target on shares of Best Buy to $80.00 in a research report on Thursday, November 24th. Truist Financial upped their price target on shares of Best Buy from $69.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, November 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Best Buy from $85.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, November 18th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $82.71.

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.

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

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