Bank & Trust Co Acquires New Position in Best Buy Co., Inc. (NYSE:BBY)

Bank & Trust Co acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 586 shares of the technology retailer’s stock, valued at approximately $49,000.

Other large investors have also recently bought and sold shares of the company. Raymond James & Associates raised its position in shares of Best Buy by 10.6% during the 1st quarter. Raymond James & Associates now owns 2,886,962 shares of the technology retailer’s stock worth $236,818,000 after purchasing an additional 277,158 shares during the period. Dimensional Fund Advisors LP increased its position in Best Buy by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock worth $218,527,000 after buying an additional 107,926 shares during the period. Federated Hermes Inc. increased its position in Best Buy by 6.4% in the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock worth $215,499,000 after buying an additional 166,478 shares during the period. Norges Bank bought a new stake in Best Buy in the fourth quarter valued at $165,164,000. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Best Buy by 3.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 1,827,468 shares of the technology retailer’s stock valued at $149,907,000 after acquiring an additional 69,334 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Best Buy stock traded up $1.77 during midday trading on Tuesday, hitting $82.00. The company’s stock had a trading volume of 2,846,668 shares, compared to its average volume of 3,155,867. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. 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’s 50-day moving average price is $86.04 and its 200-day moving average price is $79.56. The company has a market capitalization of $17.69 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.15 earnings per share. Analysts anticipate that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.59%. The ex-dividend date was Thursday, June 20th. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was 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 directly owns 8,850 shares of the company’s stock, valued at $709,858.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the sale, the chairman now owns 8,850 shares in the company, valued at approximately $709,858.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Insiders have sold 3,383,370 shares of company stock worth $288,293,276 in the last three months. 0.59% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and increased their price objective for the stock from $67.00 to $100.00 in a report on Monday, June 3rd. Telsey Advisory Group restated an “outperform” rating and issued a $95.00 price target on shares of Best Buy in a research note on Thursday, May 30th. Wedbush reiterated a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a research report on Tuesday, May 28th. Truist Financial restated a “hold” rating and issued a $86.00 target price on shares of Best Buy in a research report on Monday, July 1st. Finally, Loop Capital boosted their price target on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

About Best Buy

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.