Private Advisor Group LLC Buys 2,839 Shares of Best Buy Co., Inc. (NYSE:BBY)

Private Advisor Group LLC increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 94.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,829 shares of the technology retailer’s stock after buying an additional 2,839 shares during the period. Private Advisor Group LLC’s holdings in Best Buy were worth $491,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Tobam lifted its holdings in shares of Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after buying an additional 121 shares in the last quarter. LVW Advisors LLC raised its stake 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 purchasing an additional 130 shares in the last quarter. Rise Advisors LLC boosted its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC grew its position in shares of Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after purchasing an additional 134 shares in the last quarter. Finally, Continuum Advisory LLC increased its holdings in shares of Best Buy by 34.7% during the second quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after purchasing an additional 149 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Barclays boosted their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Citigroup boosted their price target on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Wedbush increased their price objective 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. Finally, DA Davidson raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. One 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $102.56.

Best Buy Stock Down 0.4 %

Shares of BBY opened at $99.07 on Thursday. The stock has a market capitalization of $21.37 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. 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 fifty day moving average of $89.68 and a 200-day moving average of $83.21.

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

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Insider Transactions at Best Buy

In other news, EVP Jason J. Bonfig sold 3,500 shares of the 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 of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Company insiders own 0.59% of the company’s stock.

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.