Optimist Retirement Group LLC Invests $294,000 in Best Buy Co., Inc. (NYSE:BBY)

Optimist Retirement Group LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,487 shares of the technology retailer’s stock, valued at approximately $294,000.

Several other hedge funds have also bought and sold shares of the business. Tobam raised its stake in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares during the period. LVW Advisors LLC lifted its position in Best Buy by 2.3% in the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after buying an additional 130 shares during the last quarter. Rise Advisors LLC lifted its position 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 buying an additional 132 shares during the last quarter. MCF Advisors LLC lifted its position 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 last quarter. Finally, Continuum Advisory LLC lifted its position in Best Buy by 34.7% in the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after buying an additional 149 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. 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. Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Bank of America increased their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Best Buy Trading Down 0.4 %

Shares of BBY stock opened at $99.07 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market capitalization of $21.37 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a 50 day moving average price of $89.68 and a 200 day moving average price of $83.21. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71.

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

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.80%. Best Buy’s payout ratio is currently 65.85%.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the sale, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock valued at $122,233,276 in the last ninety days. 0.59% of the stock is currently owned by company insiders.

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.