Benjamin Edwards Inc. Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Benjamin Edwards Inc. increased its stake in Best Buy Co., Inc. by 5.8%, owning 88,300 shares valued at $6.5 million after acquiring additional shares in the 1st quarter.
• Best Buy's Chairman, Richard M. Schulze, sold 729,201 shares at an average price of $72.95, significantly reducing his ownership of the stock by 78.81%.
• Best Buy recently declared a quarterly dividend of $0.95 per share, which represents a 5.5% yield and a payout ratio of 92.91%.

Benjamin Edwards Inc. grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 88,300 shares of the technology retailer's stock after buying an additional 4,859 shares during the period. Benjamin Edwards Inc.'s holdings in Best Buy were worth $6,500,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Mariner LLC lifted its holdings in Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock worth $3,708,000 after purchasing an additional 129 shares in the last quarter. LRI Investments LLC raised 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 valued at $45,000 after acquiring an additional 141 shares in the last quarter. Prosperity Consulting Group LLC raised its holdings in shares of Best Buy by 6.4% in the 4th quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock valued at $206,000 after acquiring an additional 145 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Best Buy by 25.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock valued at $53,000 after acquiring an additional 147 shares in the last quarter. Finally, HB Wealth Management LLC raised its holdings in shares of Best Buy by 2.4% in the 1st quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer's stock valued at $467,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction dated 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 transaction, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BBY. Barclays lowered their price target on Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. BNP Paribas upgraded Best Buy to a "hold" rating in a research report on Friday, May 30th. UBS Group reduced their price objective on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Guggenheim reiterated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Tuesday, June 10th. Finally, Piper Sandler reiterated a "neutral" rating and set a $75.00 price objective (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $85.72.

Best Buy Stock Up 2.5%

NYSE:BBY traded up $1.69 during trading hours on Tuesday, reaching $70.28. 3,175,773 shares of the company traded hands, compared to its average volume of 3,142,906. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The stock has a market capitalization of $14.85 billion, a P/E ratio of 17.18, a P/E/G ratio of 1.81 and a beta of 1.21. The business's 50-day moving average price is $69.16 and its two-hundred day moving average price is $72.51.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. Best Buy's revenue was down .9% compared to the same quarter last year. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is presently 92.91%.

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.