Bank of New York Mellon Corp Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

Bank of New York Mellon Corp decreased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,462,083 shares of the technology retailer's stock after selling 362,342 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.64% of Best Buy worth $254,844,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BBY. Mariner LLC boosted its position in shares of Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after purchasing an additional 129 shares in the last quarter. LRI Investments LLC raised its stake in Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after buying an additional 141 shares during the period. Independent Advisor Alliance raised its stake in Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock worth $258,000 after buying an additional 142 shares during the period. Prosperity Consulting Group LLC raised its stake in Best Buy by 6.4% during the 4th quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock worth $206,000 after buying an additional 145 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Best Buy by 25.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock worth $53,000 after buying an additional 147 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 1.8%

Shares of BBY traded up $1.27 during mid-day trading on Thursday, reaching $73.73. The company had a trading volume of 3,649,471 shares, compared to its average volume of 3,337,228. The company has a market capitalization of $15.58 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. 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 $70.18 and a 200 day moving average price of $75.38.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same period last year, the firm earned $1.20 EPS. Best Buy's revenue for the quarter was down .9% compared to the same quarter last year. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be paid a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.15%. Best Buy's payout ratio is presently 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman 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 filing with the SEC, which is accessible through the SEC website. Insiders own 0.47% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Piper Sandler lowered their price objective on Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Truist Financial increased their price objective on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a report on Friday, May 30th. Wedbush cut their price target on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, May 30th. Finally, Wells Fargo & Company cut their price target on Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price 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.