XTX Topco Ltd Purchases 11,828 Shares of Best Buy Co., Inc. (NYSE:BBY)

XTX Topco Ltd boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 238.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,798 shares of the technology retailer’s stock after purchasing an additional 11,828 shares during the quarter. XTX Topco Ltd’s holdings in Best Buy were worth $1,416,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Optimist Retirement Group LLC bought a new stake in Best Buy in the 2nd quarter valued at $294,000. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Sienna Gestion boosted its stake in Best Buy by 0.6% in the 2nd quarter. Sienna Gestion now owns 81,568 shares of the technology retailer’s stock valued at $6,872,000 after purchasing an additional 449 shares during the period. Hsbc Holdings PLC raised its holdings in Best Buy by 6.0% in the 2nd quarter. Hsbc Holdings PLC now owns 971,810 shares of the technology retailer’s stock valued at $81,914,000 after acquiring an additional 55,252 shares in the last quarter. Finally, Blair William & Co. IL raised its holdings in Best Buy by 4.5% in the 2nd quarter. Blair William & Co. IL now owns 47,759 shares of the technology retailer’s stock valued at $4,026,000 after acquiring an additional 2,055 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on BBY. UBS Group lifted 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. Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Truist Financial lifted their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Loop Capital lifted their price objective on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company lifted their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $102.56.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s 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 $1,319,073,501.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the 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 sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Insiders own 0.59% of the company’s stock.

Best Buy Trading Down 1.2 %

Shares of BBY stock opened at $97.27 on Friday. The firm has a market capitalization of $20.98 billion, a P/E ratio of 17.04, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $90.15 and its 200 day simple moving average is $83.45.

Best Buy (NYSE:BBY) last issued its quarterly earnings data 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 business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.22 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.26 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared 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. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.87%. Best Buy’s dividend payout ratio (DPR) 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.