Hutchens & Kramer Investment Management Group LLC Invests $215,000 in Best Buy Co., Inc. (NYSE:BBY)

Hutchens & Kramer Investment Management Group LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,122 shares of the technology retailer’s stock, valued at approximately $215,000.

Several other institutional investors have also bought and sold shares of the company. Raymond James & Associates lifted its stake in Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after purchasing an additional 490,801 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after acquiring an additional 235,478 shares during the period. Bank of New York Mellon Corp raised its holdings in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the period. Ninety One UK Ltd bought a new stake in Best Buy during the 2nd quarter valued at $121,325,000. Finally, AQR Capital Management LLC raised its holdings in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 0.7 %

Shares of NYSE:BBY opened at $97.57 on Wednesday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The firm has a fifty day moving average of $94.48 and a 200 day moving average of $85.91. The firm has a market capitalization of $21.05 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $9.23 billion. During the same period in the previous year, the business earned $1.22 earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.85%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,379,870 shares of company stock worth $121,942,706. Corporate insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on BBY shares. DA Davidson reissued a “buy” rating and set a $117.00 target price on shares of Best Buy in a report on Tuesday. Wedbush boosted their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Wells Fargo & Company boosted their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Truist Financial boosted their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. One research 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. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $103.71.

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.