Paragon Capital Management Ltd Takes $255,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Paragon Capital Management Ltd purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,111 shares of the technology retailer’s stock, valued at approximately $255,000.

Other large investors have also made changes to their positions in the company. Arlington Partners LLC acquired a new position in shares of Best Buy during the first quarter valued at $28,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Best Buy during the first quarter valued at $28,000. Clear Street Markets LLC lifted its stake in Best Buy by 90.6% in the first quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock valued at $30,000 after buying an additional 183 shares during the period. Cambridge Trust Co. lifted its stake in Best Buy by 3,900.0% in the first quarter. Cambridge Trust Co. now owns 400 shares of the technology retailer’s stock valued at $31,000 after buying an additional 390 shares during the period. Finally, BOKF NA acquired a new position in Best Buy in the first quarter valued at about $33,000. Institutional investors and hedge funds own 76.10% of the company’s stock.

Best Buy Stock Down 1.4 %

Best Buy stock traded down $1.06 during midday trading on Friday, reaching $72.39. The stock had a trading volume of 2,463,072 shares, compared to its average volume of 2,317,326. The firm’s fifty day simple moving average is $78.49 and its 200-day simple moving average is $76.76. Best Buy Co., Inc. has a 1-year low of $60.78 and a 1-year high of $93.32. The stock has a market capitalization of $15.75 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 1.89 and a beta of 1.54. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.31 and a current ratio of 0.98.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.16. The firm had revenue of $9.58 billion for the quarter, compared to analyst estimates of $9.52 billion. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The business’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.54 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.23 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 5.08%. The ex-dividend date is Monday, September 18th. Best Buy’s dividend payout ratio (DPR) is 63.34%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $85.24, for a total transaction of $8,524,000.00. Following the transaction, the chairman now owns 349,448 shares of the company’s stock, valued at approximately $29,786,947.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Richard M. Schulze sold 100,000 shares of Best Buy stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $85.24, for a total transaction of $8,524,000.00. Following the completion of the transaction, the chairman now directly owns 349,448 shares in the company, valued at approximately $29,786,947.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 34,191 shares of Best Buy stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $81.30, for a total value of $2,779,728.30. Following the transaction, the executive vice president now owns 65,039 shares of the company’s stock, valued at $5,287,670.70. The disclosure for this sale can be found here. Insiders have sold 384,191 shares of company stock valued at $32,028,728 in the last 90 days. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BBY. SpectralCast reissued a “maintains” rating on shares of Best Buy in a research note on Friday, May 26th. Citigroup increased their target price on Best Buy from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. DA Davidson increased their target price on Best Buy from $87.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, August 30th. Wells Fargo & Company increased their target price on Best Buy from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, August 30th. Finally, The Goldman Sachs Group increased their price target on Best Buy from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, August 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.