Capital Investment Advisors LLC Decreases Stake in Best Buy Co., Inc. (NYSE:BBY)

Capital Investment Advisors LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 37.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,971 shares of the technology retailer’s stock after selling 14,937 shares during the period. Capital Investment Advisors LLC’s holdings in Best Buy were worth $2,579,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. AMF Tjanstepension AB acquired a new position in Best Buy during the first quarter worth about $8,676,000. GAMMA Investing LLC increased its stake in Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the last quarter. M&G Plc acquired a new stake in Best Buy in the first quarter valued at $8,608,000. Finally, Van ECK Associates Corp increased its position in shares of Best Buy by 21.9% in the first quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock valued at $9,715,000 after buying an additional 21,258 shares in the last quarter. 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 the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s 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 transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by insiders.

Best Buy Stock Performance

Shares of BBY stock opened at $96.14 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market capitalization of $20.74 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The company has a 50 day moving average price of $95.36 and a 200 day moving average price of $86.21.

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, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the company posted $1.22 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BBY shares. Truist Financial increased their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Barclays increased their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Loop Capital upped their target price on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Telsey Advisory Group raised their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average price target of $103.71.

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.