William Blair Investment Management LLC Acquires New Shares in Best Buy Co., Inc. (NYSE:BBY)

William Blair Investment Management LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,886 shares of the technology retailer’s stock, valued at approximately $918,000.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC grew its position in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC bought a new position in Best Buy in the 1st quarter worth about $27,000. PrairieView Partners LLC increased its stake in shares of Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 151 shares during the period. Innealta Capital LLC bought a new stake in shares of Best Buy during the second quarter valued at approximately $35,000. Finally, American National Bank acquired a new position in shares of Best Buy during the first quarter worth approximately $37,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Truist Financial lifted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Loop Capital upped their price objective on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Barclays increased their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, UBS Group increased their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $102.56.

Best Buy Price Performance

BBY stock opened at $98.79 on Tuesday. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The firm has a 50-day moving average of $89.14 and a two-hundred day moving average of $82.95. The firm has a market capitalization of $21.31 billion, a PE ratio of 17.30, a P/E/G ratio of 2.56 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 EPS. On average, analysts forecast that Best Buy Co., Inc. will post 6.26 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio is currently 65.85%.

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.