Richardson Financial Services Inc. Has $27,000 Stake in Best Buy Co., Inc. (NYSE:BBY)

Richardson Financial Services Inc. increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 190.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 320 shares of the technology retailer’s stock after acquiring an additional 210 shares during the quarter. Richardson Financial Services Inc.’s holdings in Best Buy were worth $27,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Raymond James & Associates raised its holdings in shares of Best Buy by 17.0% during the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after purchasing an additional 490,801 shares during the period. Dimensional Fund Advisors LP raised its stake in Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares during the period. Bank of New York Mellon Corp raised its stake in 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 worth $241,347,000 after buying an additional 1,024,824 shares during the period. Norges Bank bought a new position in Best Buy in the fourth quarter worth approximately $165,164,000. Finally, Ninety One UK Ltd acquired a new stake in Best Buy in the second quarter valued at approximately $121,325,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was 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 approximately $1,200,451,777.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction on 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 sale, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock valued at $122,233,276 over the last ninety days. 0.59% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Barclays raised their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. UBS Group boosted their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.56.

Best Buy Trading Down 0.6 %

NYSE BBY opened at $98.48 on Friday. The stock has a market capitalization of $21.24 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.56 and a beta of 1.46. The business’s fifty day moving average is $89.93 and its 200-day moving average is $83.32. 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 Co., Inc. has a one year low of $62.30 and a one year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm posted $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities research analysts predict that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The company 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 $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio is currently 65.85%.

Best Buy 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.