Virtu Financial LLC Buys 31,202 Shares of Best Buy Co., Inc. (NYSE:BBY)

Virtu Financial LLC lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 257.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,314 shares of the technology retailer’s stock after purchasing an additional 31,202 shares during the period. Virtu Financial LLC’s holdings in Best Buy were worth $3,651,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC grew its holdings in shares of Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares in the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Best Buy during the 1st quarter valued at $27,000. PrairieView Partners LLC boosted its holdings in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy in the 2nd quarter worth about $35,000. Finally, American National Bank purchased a new stake in Best Buy during the first quarter worth about $37,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $98.79 on Tuesday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The stock has a fifty day moving average of $89.14 and a 200 day moving average of $82.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market capitalization of $21.31 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted $1.22 EPS. On average, research analysts expect that Best Buy Co., Inc. will post 6.26 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on BBY shares. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Truist Financial upped their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Loop Capital raised their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their price target on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group lifted their price objective on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.56.

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.