Dimensional Fund Advisors LP Purchases 235,478 Shares of Best Buy Co., Inc. (NYSE:BBY)

Dimensional Fund Advisors LP grew its position in Best Buy Co., Inc. (NYSE:BBY) by 8.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,055,743 shares of the technology retailer’s stock after purchasing an additional 235,478 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.42% of Best Buy worth $257,569,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Best Buy during the 4th quarter valued at $165,164,000. Ninety One UK Ltd acquired a new position in shares of Best Buy during the 2nd quarter valued at $121,325,000. Bank of New York Mellon Corp lifted its position in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the period. Epoch Investment Partners Inc. lifted its position in shares of Best Buy by 11,586.7% during the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after acquiring an additional 680,257 shares during the period. Finally, KBC Group NV lifted its position in shares of Best Buy by 320.4% during the 4th quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after acquiring an additional 655,750 shares during the period. 80.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The shares were 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 owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the 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 of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 600,000 shares of the 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 completion of the sale, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 over the last quarter. 0.59% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Bank of America upped their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. The Goldman Sachs Group upped their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Telsey Advisory Group upped their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Truist Financial upped their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.56.

Best Buy Price Performance

BBY opened at $99.07 on Thursday. The firm has a market cap of $21.37 billion, a P/E ratio of 17.35, a PEG ratio of 2.56 and a beta of 1.46. The firm has a 50-day moving average of $89.68 and a 200 day moving average of $83.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business earned $1.22 earnings per share. On average, research analysts expect that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.80%. Best Buy’s dividend payout ratio is presently 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.