Best Buy Co., Inc. (NYSE:BBY) Position Trimmed by Checchi Capital Advisers LLC

Checchi Capital Advisers LLC decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,300 shares of the technology retailer’s stock after selling 249 shares during the period. Checchi Capital Advisers LLC’s holdings in Best Buy were worth $434,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BBY. Price T Rowe Associates Inc. MD grew its position in shares of Best Buy by 32.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after acquiring an additional 2,409,006 shares during the last quarter. Norges Bank bought a new position in shares of Best Buy during the fourth quarter worth about $161,121,000. Pacer Advisors Inc. grew its position in Best Buy by 9,259.4% in the 2nd quarter. Pacer Advisors Inc. now owns 1,588,392 shares of the technology retailer’s stock valued at $130,169,000 after buying an additional 1,571,421 shares in the last quarter. Federated Hermes Inc. grew its position in Best Buy by 361.1% in the 1st quarter. Federated Hermes Inc. now owns 1,720,184 shares of the technology retailer’s stock valued at $134,639,000 after buying an additional 1,347,137 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Best Buy by 1,079.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer’s stock valued at $104,154,000 after buying an additional 1,217,900 shares in the last quarter. Institutional investors own 76.10% of the company’s stock.

Insider Activity

In related news, insider Todd G. Hartman sold 7,948 shares of the 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 transaction, the insider now owns 13,337 shares in the company, valued at $925,321.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Todd G. Hartman sold 7,948 shares of the 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 transaction, the insider now owns 13,337 shares in the company, valued at $925,321.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd G. Hartman sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was 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 owns 21,285 shares in the company, valued at approximately $1,515,066.30. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on BBY. TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a research report on Tuesday, August 29th. UBS Group cut their price target on shares of Best Buy from $85.00 to $76.00 and set a “neutral” rating for the company in a report on Monday, November 13th. Wedbush cut their price target 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. The Goldman Sachs Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $85.00 in a report on Thursday, October 19th. Finally, Truist Financial cut their price target on shares of Best Buy from $80.00 to $74.00 and set a “buy” rating for the company in a report on Thursday, October 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $77.93.

Best Buy Price Performance

Shares of BBY opened at $68.22 on Friday. The company has a market capitalization of $14.85 billion, a price-to-earnings ratio of 11.74, a P/E/G ratio of 1.80 and a beta of 1.53. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.98 and a quick ratio of 0.31. The business’s 50-day moving average is $68.53 and its 200-day moving average is $74.28.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.16. The company had revenue of $9.58 billion for the quarter, compared to the consensus estimate of $9.52 billion. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.22 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th were issued a $0.92 dividend. The ex-dividend date of this dividend was Monday, September 18th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.39%. Best Buy’s dividend payout ratio is 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.