Peapack Gladstone Financial Corp Has $1.40 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Peapack Gladstone Financial Corp lowered its position in shares of Best Buy Co., Inc. (NYSE:BBYFree Report) by 13.5% during the fourth quarter, Holdings Channel reports. The fund owned 17,865 shares of the technology retailer’s stock after selling 2,797 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Best Buy were worth $1,398,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BBY. Norges Bank acquired a new stake in shares of Best Buy during the fourth quarter valued at approximately $165,164,000. HS Management Partners LLC purchased a new position in Best Buy during the fourth quarter valued at approximately $103,854,000. Federated Hermes Inc. grew its position in Best Buy by 36.2% during the third quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer’s stock valued at $179,680,000 after purchasing an additional 687,556 shares in the last quarter. KBC Group NV grew its position in Best Buy by 320.4% during the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after purchasing an additional 655,750 shares in the last quarter. Finally, Ceredex Value Advisors LLC grew its position in Best Buy by 73.1% during the fourth quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer’s stock valued at $97,339,000 after purchasing an additional 518,920 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of BBY opened at $88.94 on Thursday. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $88.96. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $19.24 billion, a P/E ratio of 15.58, a P/E/G ratio of 2.81 and a beta of 1.49. The company has a 50 day moving average of $76.58 and a 200-day moving average of $75.73.

Best Buy (NYSE:BBYGet Free Report) last posted its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. Best Buy’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.09 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.23%. The ex-dividend date is Thursday, June 20th. Best Buy’s payout ratio is 65.85%.

Insiders Place Their Bets

In other news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the sale, the chairman now owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,052,023 shares of company stock valued at $170,313,900. 0.59% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BBY. Morgan Stanley boosted their price objective on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Evercore ISI boosted their target price on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. Truist Financial decreased their target price on shares of Best Buy from $87.00 to $86.00 and set a “hold” rating for the company in a research report on Friday, May 31st. Finally, Wedbush reissued a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $88.71.

Check Out Our Latest Stock Analysis on BBY

About Best Buy

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, 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, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.

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

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