Seven Eight Capital LP Sells 75,738 Shares of Best Buy Co., Inc. (NYSE:BBY)

Seven Eight Capital LP trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 87.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,139 shares of the technology retailer’s stock after selling 75,738 shares during the period. Seven Eight Capital LP’s holdings in Best Buy were worth $939,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Rise Advisors LLC increased its holdings 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 buying an additional 132 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Best Buy during the 1st quarter worth approximately $27,000. PrairieView Partners LLC raised its holdings in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the period. Innealta Capital LLC purchased a new position in Best Buy in the second quarter valued at approximately $35,000. Finally, American National Bank bought a new position in Best Buy during the first quarter valued at $37,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on BBY shares. Truist Financial upped their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. UBS Group upped their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Evercore ISI upped their price target 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. Finally, Bank of America boosted their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating 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 given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was 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 owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Chairman Richard M. Schulze sold 691,328 shares of Best Buy 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 transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s 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 transaction, the executive vice president now directly owns 50,714 shares in the company, 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. 0.59% of the stock is currently owned by insiders.

Best Buy Stock Performance

Shares of BBY opened at $97.27 on Friday. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The company has a market cap of $20.98 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The stock has a 50-day moving average price of $90.15 and a 200-day moving average price of $83.45.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.22 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is currently 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.