Invesco Ltd. Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Invesco Ltd. increased its stake in Best Buy by 6.4%, now owning approximately 1.86% of the company, valued at $289 million.
• Best Buy reported a quarterly EPS of $1.15, exceeding estimates by $0.06, with revenues of $8.77 billion, down 0.9% year-over-year.
• The company declared a quarterly dividend of $0.95 per share, resulting in an annualized dividend yield of 5.4%.

Invesco Ltd. lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 6.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,926,787 shares of the technology retailer's stock after purchasing an additional 234,669 shares during the period. Invesco Ltd. owned 1.86% of Best Buy worth $289,051,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after acquiring an additional 13,378 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Best Buy by 5,519.3% in the 1st quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after acquiring an additional 170,050 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Best Buy by 10.2% in the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after acquiring an additional 46,645 shares in the last quarter. Blackhawk Capital Partners LLC. bought a new position in shares of Best Buy in the 1st quarter worth about $1,574,000. Finally, Alberta Investment Management Corp increased its stake in shares of Best Buy by 25.6% in the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after acquiring an additional 6,700 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Guggenheim restated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research note on Tuesday, June 10th. UBS Group reduced their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Wedbush reduced their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Truist Financial raised their price objective on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research note on Friday, May 30th. Finally, Wells Fargo & Company reduced their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $85.72.

Best Buy Stock Performance

Shares of BBY traded down $0.13 on Friday, reaching $71.61. The company's stock had a trading volume of 2,297,440 shares, compared to its average volume of 3,076,030. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The stock has a market capitalization of $15.13 billion, a P/E ratio of 17.51, a PEG ratio of 1.89 and a beta of 1.21. The stock's 50 day simple moving average is $69.23 and its two-hundred day simple moving average is $72.31. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month 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 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 business had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The company's revenue for the quarter was down .9% on a year-over-year basis. Research analysts forecast 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 given a dividend of $0.95 per share. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.3%. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.47% of the stock is currently owned by insiders.

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.