Rhumbline Advisers Raises Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Rhumbline Advisers lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 502,272 shares of the technology retailer's stock after buying an additional 46,645 shares during the quarter. Rhumbline Advisers owned about 0.24% of Best Buy worth $36,972,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BBY. Rakuten Securities Inc. increased its position in shares of 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 shares of Best Buy in the 4th quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new position in shares of Best Buy during the fourth quarter worth about $32,000. Atlas Capital Advisors Inc. raised its stake in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC raised its stake in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. Guggenheim reiterated a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 30th. 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. Wells Fargo & Company dropped their target price 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. Finally, Truist Financial raised their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating 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 company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $86.11.

Best Buy Stock Up 3.6%

Shares of BBY stock traded up $2.57 during trading hours on Friday, hitting $73.03. 3,844,703 shares of the company's stock traded hands, compared to its average volume of 3,322,138. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock's fifty day simple moving average is $66.90 and its two-hundred day simple moving average is $78.34. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The stock has a market cap of $15.46 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 2.10 and a beta of 1.25.

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. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company's revenue was down .9% on a year-over-year basis. During the same period last year, the company earned $1.20 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be issued a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.20%. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. This trade represents a 3.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.59% of the company's stock.

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.