Sienna Gestion Buys 449 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sienna Gestion grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 0.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,568 shares of the technology retailer’s stock after buying an additional 449 shares during the period. Sienna Gestion’s holdings in Best Buy were worth $6,872,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Best Buy in the 4th quarter worth approximately $165,164,000. Ninety One UK Ltd purchased a new position in Best Buy in the 2nd quarter worth $121,325,000. Bank of New York Mellon Corp lifted its stake in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Epoch Investment Partners Inc. boosted its position in Best Buy by 11,586.7% during the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after buying an additional 680,257 shares during the period. Finally, KBC Group NV grew its stake in shares of Best Buy by 320.4% during the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after buying an additional 655,750 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on 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 transaction, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction on 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 transaction, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold 1,383,370 shares of company stock worth $122,233,276 in the last 90 days. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of several analyst reports. Citigroup increased their target price on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. UBS Group raised their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group upped their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Truist Financial raised their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Finally, Loop Capital upped their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Best Buy Trading Down 0.4 %

BBY opened at $99.07 on Thursday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The stock has a market cap of $21.37 billion, a PE ratio of 17.35, a PEG ratio of 2.56 and a beta of 1.46. The business has a 50 day moving average of $89.68 and a 200-day moving average of $83.21.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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 business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.22 earnings per share. Equities research analysts predict that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a $0.94 dividend. 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 3.80%. 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.