Azzad Asset Management Inc. ADV Sells 125 Shares of Best Buy Co., Inc. (NYSE:BBY)

Azzad Asset Management Inc. ADV trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,475 shares of the technology retailer’s stock after selling 125 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Best Buy were worth $669,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Park Avenue Securities LLC raised its stake in shares of Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after buying an additional 103 shares during the last quarter. Tobam increased its stake in Best Buy by 15.6% in the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares in the last quarter. LVW Advisors LLC increased its stake in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares in the last quarter. Rise Advisors LLC increased its stake in 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 purchasing an additional 132 shares in the last quarter. Finally, MCF Advisors LLC increased its stake in Best Buy by 2.7% in the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the transaction, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,379,870 shares of company stock worth $121,942,706 over the last quarter. 0.59% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on BBY. Truist Financial upped 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. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Citigroup upped their target price on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” 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 company a “buy” rating in a report on Friday, August 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

Shares of BBY opened at $98.33 on Wednesday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The firm has a fifty day simple moving average of $92.80 and a 200 day simple moving average of $85.22. The stock has a market capitalization of $21.21 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.56 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during 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 for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 earnings per share. Research analysts forecast that Best Buy Co., Inc. will post 6.28 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. Shareholders 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 yield of 3.82%. The ex-dividend date of this dividend is Thursday, September 19th. 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.