Best Buy Co., Inc. (NYSE:BBY) Stake Cut by Weaver C. Barksdale & Associates Inc.

Weaver C. Barksdale & Associates Inc. decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,361 shares of the technology retailer’s stock after selling 258 shares during the period. Weaver C. Barksdale & Associates Inc.’s holdings in Best Buy were worth $1,379,000 as of its most recent SEC filing.

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

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction dated 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 transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction 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 completion of the sale, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now directly 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. Over the last ninety days, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $98.48 on Friday. The company has a 50-day moving average of $89.93 and a two-hundred day moving average of $83.32. The stock has a market cap 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 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 posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the business posted $1.22 EPS. The company’s revenue was down 3.1% on a year-over-year basis. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.26 earnings per share for the current year.

Best Buy Dividend Announcement

The firm 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 yield of 3.82%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BBY. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Loop Capital upped their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Company lifted their price target 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. UBS Group upped their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Telsey Advisory Group lifted their target price on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.56.

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.