Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Amalgamated Bank

Amalgamated Bank increased its position in Best Buy Co., Inc. (NYSE:BBY) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,227 shares of the technology retailer’s stock after buying an additional 1,084 shares during the period. Amalgamated Bank’s holdings in Best Buy were worth $5,498,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Best Buy by 10.5% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 207,098 shares of the technology retailer’s stock worth $17,456,000 after purchasing an additional 19,763 shares during the period. Virtu Financial LLC lifted its position in Best Buy by 257.6% during the second quarter. Virtu Financial LLC now owns 43,314 shares of the technology retailer’s stock worth $3,651,000 after buying an additional 31,202 shares during the period. Edgestream Partners L.P. acquired a new stake in Best Buy in the 2nd quarter worth about $680,000. Renaissance Technologies LLC grew its holdings in Best Buy by 55.3% in the 2nd quarter. Renaissance Technologies LLC now owns 440,467 shares of the technology retailer’s stock valued at $37,127,000 after buying an additional 156,867 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after acquiring an additional 235,478 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now directly 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 available through this hyperlink. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on 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 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 sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last 90 days. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Performance

BBY opened at $97.27 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $90.15 and its 200-day moving average is $83.45. The stock has a market cap of $20.98 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The business 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 revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 earnings per share. On average, analysts predict that Best Buy Co., Inc. will post 6.26 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio is presently 65.85%.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research analyst reports. Wedbush upped their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. UBS Group boosted their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Truist Financial raised their target price on shares of 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 target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Evercore ISI increased their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. One investment 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $102.56.

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.