Moran Wealth Management LLC Increases Holdings in Best Buy Co., Inc. (NYSE:BBY)

Moran Wealth Management LLC grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,218 shares of the technology retailer's stock after purchasing an additional 8,534 shares during the period. Moran Wealth Management LLC's holdings in Best Buy were worth $6,567,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IFP Advisors Inc lifted its position in Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock worth $218,000 after buying an additional 125 shares during the last quarter. Mariner LLC raised its stake in shares of Best Buy by 0.3% during the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock worth $3,708,000 after acquiring an additional 129 shares in the last quarter. LRI Investments LLC lifted its holdings in shares of Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after acquiring an additional 141 shares during the last quarter. Rothschild Investment LLC boosted its stake in shares of Best Buy by 19.7% in the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer's stock valued at $74,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance grew its holdings in shares of Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock valued at $258,000 after purchasing an additional 142 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Jefferies Financial Group lowered their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. DA Davidson reissued a "buy" rating and issued a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. Piper Sandler reduced their price target 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. Finally, Wells Fargo & Company decreased their price target on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Trading Up 0.7%

Shares of NYSE BBY traded up $0.45 during midday trading on Thursday, hitting $68.45. 2,148,089 shares of the company traded hands, compared to its average volume of 3,318,570. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The firm has a market cap of $14.47 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.82 and a beta of 1.25. The stock has a 50-day moving average price of $69.03 and a 200 day moving average price of $76.52. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02.

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, 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 firm had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the prior year, the business earned $1.20 EPS. The business's revenue for the quarter was down .9% on a year-over-year basis. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.55%. The ex-dividend date is Wednesday, June 18th. Best Buy's dividend payout ratio is currently 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.