Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 81.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,028 shares of the technology retailer’s stock after selling 168,397 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Best Buy were worth $3,201,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. LVW Advisors LLC increased its holdings in shares of Best Buy by 81.1% in the first quarter. LVW Advisors LLC now owns 5,586 shares of the technology retailer’s stock valued at $458,000 after purchasing an additional 2,501 shares during the period. MCF Advisors LLC increased its holdings in Best Buy by 2.7% in the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after buying an additional 134 shares during the period. Kathmere Capital Management LLC raised its position in Best Buy by 25.4% during the 1st quarter. Kathmere Capital Management LLC now owns 7,037 shares of the technology retailer’s stock worth $577,000 after buying an additional 1,426 shares during the last quarter. AMF Tjanstepension AB acquired a new stake in Best Buy during the 1st quarter valued at approximately $8,676,000. Finally, Hennessy Advisors Inc. lifted its position in Best Buy by 23.4% during the first quarter. Hennessy Advisors Inc. now owns 36,900 shares of the technology retailer’s stock valued at $3,027,000 after purchasing an additional 7,000 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Down 0.1 %

NYSE BBY opened at $82.17 on Wednesday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company has a market capitalization of $17.72 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 2.72 and a beta of 1.48. 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’s fifty day moving average price is $79.88 and its 200 day moving average price is $77.79.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.15 earnings per share. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.58%. Best Buy’s payout ratio is 65.85%.

Insider Buying and Selling

In related news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction dated 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 in the company, valued at $32,670,060.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Best Buy news, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 2,004,149 shares of company stock valued at $166,397,807 over the last three months. 0.59% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent research reports. Jefferies Financial Group lowered their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 price objective on shares of Best Buy in a research report on Thursday, May 30th. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $85.00 to $106.00 in a research report on Monday, June 17th. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research note 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

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.