Edgestream Partners L.P. Invests $680,000 in Best Buy Co., Inc. (NYSE:BBY)

Edgestream Partners L.P. bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 8,070 shares of the technology retailer’s stock, valued at approximately $680,000.

A number of other institutional investors have also modified their holdings of BBY. Rise Advisors LLC grew its holdings in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the period. Palisade Asset Management LLC purchased a new stake in shares of Best Buy during the 1st quarter worth about $27,000. PrairieView Partners LLC grew its holdings in shares of Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the period. Innealta Capital LLC purchased a new stake in shares of Best Buy during the 2nd quarter worth about $35,000. Finally, American National Bank purchased a new stake in shares of Best Buy during the 1st quarter worth about $37,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of a number of research reports. Piper Sandler reiterated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Loop Capital boosted their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report 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 report on Friday, August 30th. Wells Fargo & Company boosted their price target on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Finally, Bank of America boosted their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $102.56.

Best Buy Stock Performance

Shares of BBY opened at $97.30 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. 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 52-week low of $62.30 and a 52-week high of $103.71. The business’s 50 day moving average is $90.15 and its two-hundred day moving average is $83.51.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for 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 business’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.22 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.26 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. 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 is currently 65.85%.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on 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 directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. Corporate insiders own 0.59% of the company’s stock.

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.