Alps Advisors Inc. Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Alps Advisors Inc. raised its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 22.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 337,942 shares of the technology retailer's stock after buying 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 quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stevens Capital Management LP increased its holdings in Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after buying an additional 15,741 shares in the last quarter. Invesco Ltd. grew its position in shares of Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after purchasing an additional 629,180 shares during the period. Vanguard Group Inc. grew its position in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the period. APG Asset Management N.V. acquired a new stake in shares of Best Buy in the fourth quarter valued at about $9,073,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Best Buy by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after purchasing an additional 13,378 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Trading Down 2.5%

NYSE:BBY traded down $1.83 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 company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The stock has a market cap of $15.19 billion, a price-to-earnings ratio of 17.58, a PEG ratio of 1.95 and a beta of 1.24. The company has a fifty day moving average price of $70.39 and a two-hundred day moving average price of $75.20. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same period in the previous year, the business posted $1.20 EPS. Best Buy's revenue was down .9% on a year-over-year basis. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

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

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company'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 in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.47% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on BBY shares. Loop Capital dropped their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Barclays dropped their target price on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Truist Financial lifted their target price on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. Finally, Telsey Advisory Group restated an "outperform" rating and set a $90.00 price target on shares of Best Buy 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's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $86.11.

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.