Charles Schwab Investment Management Inc. Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Charles Schwab Investment Management Inc. grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,411,989 shares of the technology retailer’s stock after acquiring an additional 119,216 shares during the period. Charles Schwab Investment Management Inc. owned about 2.02% of Best Buy worth $361,562,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BBY. BlackRock Inc. boosted its stake in shares of Best Buy by 1.2% in the first quarter. BlackRock Inc. now owns 19,612,957 shares of the technology retailer’s stock valued at $1,535,106,000 after purchasing an additional 223,536 shares during the period. State Street Corp lifted its stake in shares of Best Buy by 1.2% in the first quarter. State Street Corp now owns 10,152,129 shares of the technology retailer’s stock worth $803,778,000 after acquiring an additional 123,256 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Best Buy by 32.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock valued at $773,724,000 after purchasing an additional 2,409,006 shares during the last quarter. Geode Capital Management LLC grew its stake in Best Buy by 0.7% during the 1st quarter. Geode Capital Management LLC now owns 4,218,968 shares of the technology retailer’s stock valued at $329,735,000 after purchasing an additional 27,257 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Best Buy by 4.8% during the 1st quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock worth $333,796,000 after purchasing an additional 168,940 shares during the last quarter. Institutional investors and hedge funds own 76.10% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 7,948 shares of the business’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total transaction of $551,432.24. Following the completion of the transaction, the insider now owns 13,337 shares in the company, valued at approximately $925,321.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Todd G. Hartman sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $71.18, for a total value of $355,900.00. Following the completion of the transaction, the insider now directly owns 21,285 shares in the company, valued at $1,515,066.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd G. Hartman sold 7,948 shares of the business’s stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total value of $551,432.24. Following the sale, the insider now directly owns 13,337 shares in the company, valued at approximately $925,321.06. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BBY shares. Morgan Stanley increased their target price on Best Buy from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, August 31st. Wedbush decreased their price objective on shares of Best Buy from $82.00 to $70.00 and set a “neutral” rating for the company in a report on Friday, November 10th. StockNews.com initiated coverage on shares of Best Buy in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Citigroup lifted their price target on Best Buy from $62.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Finally, Wells Fargo & Company cut their price objective on Best Buy from $80.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average target price of $78.27.

Best Buy Stock Performance

BBY stock opened at $66.75 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $93.32. The stock has a market capitalization of $14.53 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 1.80 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.31 and a current ratio of 0.98. The stock’s fifty day moving average is $68.63 and its two-hundred day moving average is $74.32.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.16. The business had revenue of $9.58 billion for the quarter, compared to analysts’ expectations of $9.52 billion. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.54 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.22 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th were given a dividend of $0.92 per share. The ex-dividend date was Monday, September 18th. This represents a $3.68 annualized dividend and a dividend yield of 5.51%. Best Buy’s dividend payout ratio is presently 63.34%.

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.