Alps Advisors Inc. Raises Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Alps Advisors Inc. increased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 22.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 337,942 shares of the technology retailer's stock after acquiring an additional 61,398 shares during the period. Alps Advisors Inc. owned about 0.16% of Best Buy worth $24,876,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Pinnacle Bancorp Inc. grew its stake in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after purchasing an additional 178 shares during the period. Rakuten Securities Inc. grew its position in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after buying an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at approximately $31,000. Atlas Capital Advisors Inc. raised its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares during the period. Finally, Ancora Advisors LLC boosted its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.59% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BBY. DA Davidson reissued a "buy" rating and issued a $110.00 target price on shares of Best Buy in a report on Monday, April 14th. Loop Capital reduced their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Telsey Advisory Group restated an "outperform" rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, May 30th. Citigroup reiterated a "neutral" rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Piper Sandler lowered their price objective on Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $86.11.

Best Buy Stock Performance

Shares of BBY traded down $1.83 during trading hours on Friday, hitting $71.89. The stock had a trading volume of 2,991,345 shares, compared to its average volume of 3,340,963. The firm has a market capitalization of $15.19 billion, a price-to-earnings ratio of 17.58, a PEG ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The firm has a 50-day moving average price of $70.39 and a 200 day moving average price of $75.02. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

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.