Park Avenue Securities LLC Buys 469 Shares of Best Buy Co., Inc. (NYSE:BBY)

Park Avenue Securities LLC increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 6,927 shares of the technology retailer’s stock after buying an additional 469 shares during the period. Park Avenue Securities LLC’s holdings in Best Buy were worth $568,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. American National Bank bought a new stake in shares of Best Buy during the 1st quarter worth about $37,000. Wedmont Private Capital boosted its holdings in shares of Best Buy by 18.4% during the 1st quarter. Wedmont Private Capital now owns 5,478 shares of the technology retailer’s stock worth $452,000 after buying an additional 852 shares during the period. Banque Cantonale Vaudoise boosted its holdings in shares of Best Buy by 15.9% during the 1st quarter. Banque Cantonale Vaudoise now owns 55,179 shares of the technology retailer’s stock worth $4,526,000 after buying an additional 7,568 shares during the period. Rise Advisors LLC raised its stake in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares in the last quarter. Finally, Mather Group LLC. acquired a new stake in Best Buy in the 1st quarter worth about $169,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 0.0 %

BBY opened at $84.29 on Friday. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72. 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 firm has a market capitalization of $18.18 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 2.72 and a beta of 1.49. The company’s 50 day moving average price is $79.74 and its two-hundred day moving average price is $77.69.

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, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $8.96 billion. During the same period in the previous year, the firm posted $1.15 EPS. The company’s revenue for the quarter was down 6.5% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed 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. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Activity

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 shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,004,149 shares of company stock valued at $166,397,807. 0.59% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BBY. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Loop Capital lifted their price objective 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. Jefferies Financial Group dropped their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. DA Davidson boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, Wedbush restated a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.