Saxon Interests Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 87.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,122 shares of the technology retailer’s stock after acquiring an additional 2,864 shares during the period. Saxon Interests Inc.’s holdings in Best Buy were worth $502,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in BBY. Covenant Asset Management LLC raised its position in Best Buy by 1.9% during the 2nd quarter. Covenant Asset Management LLC now owns 7,145 shares of the technology retailer’s stock valued at $586,000 after purchasing an additional 131 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Best Buy by 1.6% in the first quarter. NorthCrest Asset Manangement LLC now owns 9,250 shares of the technology retailer’s stock worth $724,000 after acquiring an additional 150 shares during the period. Epoch Investment Partners Inc. grew its holdings in Best Buy by 2.5% during the 1st quarter. Epoch Investment Partners Inc. now owns 6,189 shares of the technology retailer’s stock worth $484,000 after acquiring an additional 152 shares in the last quarter. Pathstone Family Office LLC increased its position in Best Buy by 2.2% during the 4th quarter. Pathstone Family Office LLC now owns 7,321 shares of the technology retailer’s stock valued at $593,000 after purchasing an additional 157 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of Best Buy by 7.2% in the 1st quarter. Signaturefd LLC now owns 2,438 shares of the technology retailer’s stock valued at $191,000 after purchasing an additional 164 shares in the last quarter. Institutional investors own 76.10% of the company’s stock.
Best Buy Stock Performance
Shares of NYSE:BBY traded up $0.49 during midday trading on Tuesday, reaching $71.13. The company’s stock had a trading volume of 655,295 shares, compared to its average volume of 2,304,916. The firm has a market capitalization of $15.48 billion, a PE ratio of 12.15, a P/E/G ratio of 1.89 and a beta of 1.54. The stock has a fifty day moving average of $78.49 and a 200 day moving average of $76.72. Best Buy Co., Inc. has a twelve month low of $60.78 and a twelve month high of $93.32. The company has a quick ratio of 0.31, a current ratio of 0.98 and a debt-to-equity ratio of 0.40.
Best Buy Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be issued a $0.92 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $3.68 dividend on an annualized basis and a yield of 5.17%. Best Buy’s payout ratio is 63.34%.
Insiders Place Their Bets
In other Best Buy news, Chairman Richard M. Schulze sold 250,000 shares of the stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $82.90, for a total transaction of $20,725,000.00. Following the transaction, the chairman now owns 390,148 shares in the company, valued at $32,343,269.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 250,000 shares of the stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $82.90, for a total transaction of $20,725,000.00. Following the transaction, the chairman now directly owns 390,148 shares of the company’s stock, valued at $32,343,269.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 100,000 shares of the business’s stock in a transaction dated 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 sale, the chairman now directly owns 349,448 shares of the company’s stock, valued at approximately $29,786,947.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 384,191 shares of company stock worth $32,028,728. Company insiders own 0.56% of the company’s stock.
Analyst Ratings Changes
Several equities analysts recently issued reports on the stock. Guggenheim reissued a “buy” rating and set a $86.00 price objective on shares of Best Buy in a report on Wednesday, August 30th. Truist Financial upped their price objective on Best Buy from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, August 30th. Morgan Stanley boosted their target price on shares of Best Buy from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Thursday, August 31st. Wedbush raised their price target on shares of Best Buy from $72.00 to $82.00 and gave the company a “buy” rating in a report on Wednesday, August 30th. Finally, StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.
Best Buy 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.
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