Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 39.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,478 shares of the technology retailer’s stock after selling 1,610 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Best Buy were worth $203,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Bfsg LLC acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $25,000. Naples Money Management LLC acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $27,000. Access Investment Management LLC acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $27,000. Cary Street Partners Investment Advisory LLC raised 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 purchasing an additional 302 shares in the last quarter. Finally, Hartford Financial Management Inc. raised its position in shares of Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 140 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of BBY opened at $92.38 on Friday. The company has a market cap of $19.93 billion, a P/E ratio of 16.18, a PEG ratio of 3.02 and a beta of 1.49. The stock has a fifty day moving average price of $78.51 and a 200 day moving average price of $77.19. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be paid a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.07%. Best Buy’s payout ratio is 65.85%.

Analyst Ratings Changes

A number of brokerages have issued reports on BBY. The Goldman Sachs Group upped their target price on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Evercore ISI boosted their price target on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $106.00 in a report on Monday. Barclays boosted their price target on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Finally, Truist Financial lowered their price target on Best Buy from $87.00 to $86.00 and set a “hold” rating for the company in a report on Friday, May 31st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $90.87.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,004,149 shares of company stock valued at $166,397,807. 0.59% of the stock is currently owned by corporate insiders.

Best Buy 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.