Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Saxon Interests Inc.

Saxon Interests Inc. reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 40.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,570 shares of the technology retailer’s stock after selling 3,714 shares during the quarter. Saxon Interests Inc.’s holdings in Best Buy were worth $575,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Rise Advisors LLC boosted its position in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. Palisade Asset Management LLC acquired a new stake in Best Buy during the 1st quarter worth approximately $27,000. Richardson Financial Services Inc. raised its stake in shares of Best Buy by 190.9% in the 2nd 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 during the period. PrairieView Partners LLC lifted 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 worth $31,000 after purchasing an additional 151 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in Best Buy in the 2nd quarter worth approximately $35,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Down 0.5 %

Shares of NYSE:BBY traded down $0.53 during midday trading on Wednesday, hitting $97.80. 390,010 shares of the stock were exchanged, compared to its average volume of 3,055,780. The company has a market capitalization of $21.10 billion, a PE ratio of 17.22, a P/E/G 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 company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The business’s fifty day simple moving average is $93.05 and its two-hundred day simple moving average is $85.33.

Best Buy (NYSE:BBY) last announced 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. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the company earned $1.22 EPS. The firm’s revenue was down 3.1% on a year-over-year basis. As a group, research analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.84%. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insider Activity

In other Best Buy news, 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 transaction of $7,813,831.50. Following the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,379,870 shares of company stock worth $121,942,706. 0.59% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their price target on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Melius Research began coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target for the company. Finally, Wells Fargo & Company boosted their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.41.

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.