MV Capital Management Inc. Has $161,000 Position in Best Buy Co., Inc. (NYSE:BBY)

MV Capital Management Inc. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,966 shares of the technology retailer’s stock after purchasing an additional 249 shares during the period. MV Capital Management Inc.’s holdings in Best Buy were worth $161,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BBY. LPL Financial LLC grew its stake in Best Buy by 1.3% in the 3rd quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer’s stock valued at $6,870,000 after buying an additional 1,233 shares during the last quarter. Bank of Nova Scotia increased its stake in shares of Best Buy by 12.8% during the third quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer’s stock worth $1,334,000 after purchasing an additional 2,174 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Best Buy by 2,043.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 60,734 shares of the technology retailer’s stock worth $4,219,000 after purchasing an additional 57,900 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Best Buy by 1,290.3% in the 3rd quarter. Lazard Asset Management LLC now owns 150,296 shares of the technology retailer’s stock valued at $10,440,000 after purchasing an additional 139,486 shares during the period. Finally, AXQ Capital LP acquired a new position in Best Buy in the 3rd quarter valued at $632,000. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Telsey Advisory Group reissued an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research report on Thursday, May 30th. Loop Capital raised their target price on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, June 7th. Jefferies Financial Group cut their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Truist Financial restated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a research note on Monday. Finally, Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and upped their target price for the company from $67.00 to $100.00 in a research report on Monday, June 3rd. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated 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 directly owns 8,850 shares in the company, valued at $709,858.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction, the chairman now directly owns 8,850 shares in the company, valued at approximately $709,858.50. The disclosure for this sale can be found here. Insiders have sold 2,004,149 shares of company stock valued at $166,397,807 in the last three months. 0.59% of the stock is currently owned by insiders.

Best Buy Price Performance

Best Buy stock opened at $82.17 on Wednesday. The stock has a market capitalization of $17.72 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 2.72 and a beta of 1.48. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72. The stock’s 50 day moving average price is $79.88 and its two-hundred day moving average price is $77.79. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last released 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 firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period last year, the firm earned $1.15 earnings per share. On average, equities 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 disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.58%. The ex-dividend date is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

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.