Steel Grove Capital Advisors LLC Trims Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Steel Grove Capital Advisors LLC lowered its holdings in Best Buy Co., Inc. (NYSE:BBY) by 6.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,950 shares of the technology retailer’s stock after selling 1,498 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Best Buy were worth $1,850,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Richardson Financial Services Inc. raised its holdings in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the period. Rise Advisors LLC raised its stake in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. Palisade Asset Management LLC purchased a new stake in Best Buy during the 1st quarter worth about $27,000. PrairieView Partners LLC boosted its stake in 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. Finally, Innealta Capital LLC purchased a new position in Best Buy during the 2nd quarter valued at about $35,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related 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 transaction of $61,154,874.88. Following the completion of the transaction, the chairman now 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. In other Best Buy 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 value of $52,974,000.00. Following the sale, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wedbush increased their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. UBS Group raised their price target 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. Barclays upped their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” 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 research note on Friday, August 30th. Finally, Citigroup boosted their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and a consensus target price of $102.56.

Best Buy Stock Performance

Best Buy stock opened at $97.30 on Monday. The firm has a fifty day simple moving average of $90.15 and a two-hundred day simple moving average of $83.54. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a market capitalization of $20.99 billion, a PE ratio of 17.04, a P/E/G ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the business posted $1.22 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The firm 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 dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

About Best Buy

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.