Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Mount Yale Investment Advisors LLC

Mount Yale Investment Advisors LLC reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 13.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,060 shares of the technology retailer’s stock after selling 10,487 shares during the period. Mount Yale Investment Advisors LLC’s holdings in Best Buy were worth $5,568,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Rise Advisors LLC grew its stake in shares of Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Best Buy in the 1st quarter worth approximately $27,000. Richardson Financial Services Inc. grew its position in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. PrairieView Partners LLC raised its stake in shares of Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 151 shares during the period. Finally, Innealta Capital LLC acquired a new position in shares of Best Buy during the second quarter worth $35,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Down 1.2 %

BBY stock opened at $97.30 on Friday. The firm has a market cap of $20.99 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a fifty day moving average price of $90.15 and a two-hundred day moving average price of $83.51. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last announced 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Research analysts predict that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Telsey Advisory Group raised their price target on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Truist Financial raised their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, Evercore ISI upped their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. One investment 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $102.56.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $1,200,451,777.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 in the last 90 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.