Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Quarry LP

Quarry LP trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 37.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 465 shares of the technology retailer’s stock after selling 281 shares during the period. Quarry LP’s holdings in Best Buy were worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Cary Street Partners Investment Advisory LLC increased its position in shares of Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 302 shares during the period. Bfsg LLC purchased a new stake in Best Buy in the fourth quarter valued at $25,000. Naples Money Management LLC purchased a new stake in Best Buy in the fourth quarter valued at $27,000. Access Investment Management LLC purchased a new stake in Best Buy in the fourth quarter valued at $27,000. Finally, Stonebridge Capital Advisors LLC boosted its holdings in Best Buy by 81.9% in the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 185 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Up 4.6 %

Shares of NYSE BBY opened at $91.26 on Tuesday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $91.85. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The company has a 50 day simple moving average of $77.76 and a 200-day simple moving average of $76.82. The company has a market capitalization of $19.69 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.81 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The firm had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. During the same quarter last year, the firm earned $1.15 EPS. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.12%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the completion of the transaction, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,052,023 shares of company stock worth $170,313,900. Insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and upped their price target for the company from $67.00 to $100.00 in a report on Monday, June 3rd. Evercore ISI upped their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. The Goldman Sachs Group upped their price target on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a report on Friday, March 1st. Truist Financial lowered their price target on shares of Best Buy from $87.00 to $86.00 and set a “hold” rating on the stock in a report on Friday, May 31st. Finally, Loop Capital increased their target price on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $90.87.

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.