Acadian Asset Management LLC Sells 12,759 Shares of Best Buy Co., Inc. (NYSE:BBY)

Acadian Asset Management LLC decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 59.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,729 shares of the technology retailer’s stock after selling 12,759 shares during the period. Acadian Asset Management LLC’s holdings in Best Buy were worth $735,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BBY. Rise Advisors LLC raised its holdings in Best Buy by 69.5% in the first 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. Palisade Asset Management LLC purchased a new stake in shares of 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 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares in the last quarter. Innealta Capital LLC purchased a new position in Best Buy during the 2nd quarter valued at about $35,000. Finally, American National Bank bought a new stake in Best Buy during the first quarter worth about $37,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In related news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction that occurred 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 transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was 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 owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction dated 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 transaction, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock valued at $122,233,276 in the last quarter. 0.59% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BBY shares. UBS Group raised their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Wedbush raised their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Truist Financial boosted their target price on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Barclays increased their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Loop Capital upped their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $102.56.

Best Buy Trading Up 0.7 %

Shares of BBY stock opened at $99.48 on Wednesday. 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 Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The stock has a market capitalization of $21.46 billion, a P/E ratio of 17.42, a P/E/G ratio of 2.56 and a beta of 1.46. The firm’s 50 day moving average is $89.41 and its 200 day moving average is $83.10.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.78%. Best Buy’s dividend payout ratio is currently 65.85%.

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.