One Wealth Advisors LLC Cuts Position in Best Buy Co., Inc. (NYSE:BBY)

One Wealth Advisors LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 33.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,010 shares of the technology retailer’s stock after selling 1,536 shares during the period. One Wealth Advisors LLC’s holdings in Best Buy were worth $314,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Rise Advisors LLC grew its position in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Best Buy in the first quarter worth $27,000. Richardson Financial Services Inc. grew its position in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares in the last quarter. PrairieView Partners LLC boosted its position in Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after buying an additional 151 shares during the period. Finally, Innealta Capital LLC purchased a new stake in Best Buy during the second quarter valued at about $35,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.

Best Buy Price Performance

BBY stock opened at $96.27 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a market cap of $20.77 billion, a P/E ratio of 16.86, a PEG ratio of 2.58 and a beta of 1.46. The firm has a 50-day moving average of $95.11 and a 200 day moving average of $86.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. Best Buy’s revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analyst Weigh In

Several analysts have issued reports on BBY shares. Piper Sandler restated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Truist Financial upped their price target on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. The Goldman Sachs Group upped their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, Citigroup upped their price target on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Company Profile

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.