Wealth Advisors of Tampa Bay LLC Has $3.83 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Wealth Advisors of Tampa Bay LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,454 shares of the technology retailer’s stock after purchasing an additional 805 shares during the period. Best Buy comprises approximately 1.8% of Wealth Advisors of Tampa Bay LLC’s investment portfolio, making the stock its 22nd biggest position. Wealth Advisors of Tampa Bay LLC’s holdings in Best Buy were worth $3,831,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Norges Bank bought a new position in Best Buy during the fourth quarter worth $165,164,000. Ninety One UK Ltd bought a new position in shares of Best Buy in the 2nd quarter worth about $121,325,000. Bank of New York Mellon Corp lifted its stake in shares of Best Buy by 55.7% in 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 purchasing an additional 1,024,824 shares during the period. Epoch Investment Partners Inc. boosted 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 purchasing an additional 680,257 shares in the last quarter. Finally, KBC Group NV boosted 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 purchasing an additional 655,750 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

NYSE BBY opened at $98.48 on Friday. The company has a market capitalization of $21.24 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. 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 52-week low of $62.30 and a 52-week high of $103.71. The company has a 50-day simple moving average of $89.93 and a 200 day simple moving average of $83.32.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (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 company 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. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, 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 disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.82%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Analyst Ratings Changes

Several equities analysts have issued reports on BBY shares. Wells Fargo & Company boosted their price target on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Evercore ISI lifted their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Truist Financial increased 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. The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Citigroup upped their price target on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.56.

Insider Activity at Best Buy

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 Best Buy 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 sale, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Company insiders own 0.59% of the company’s stock.

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.