Cantor Fitzgerald Investment Advisors L.P. Buys 13,143 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 197,391 shares of the technology retailer's stock after buying an additional 13,143 shares during the quarter. Cantor Fitzgerald Investment Advisors L.P. owned approximately 0.09% of Best Buy worth $14,530,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of BBY. Principal Securities Inc. increased its position in Best Buy by 29.7% during the fourth quarter. Principal Securities Inc. now owns 11,184 shares of the technology retailer's stock worth $960,000 after buying an additional 2,563 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Best Buy by 2.1% during the fourth quarter. CIBC Asset Management Inc now owns 34,976 shares of the technology retailer's stock worth $3,001,000 after purchasing an additional 727 shares during the period. Truist Financial Corp increased its stake in shares of Best Buy by 11.7% during the fourth quarter. Truist Financial Corp now owns 29,357 shares of the technology retailer's stock worth $2,519,000 after purchasing an additional 3,072 shares during the period. Alberta Investment Management Corp increased its stake in shares of Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer's stock worth $2,248,000 after purchasing an additional 21,200 shares during the period. Finally, Ieq Capital LLC increased its stake in shares of Best Buy by 209.3% during the fourth quarter. Ieq Capital LLC now owns 47,574 shares of the technology retailer's stock worth $4,082,000 after purchasing an additional 32,195 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BBY. Morgan Stanley lowered their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Piper Sandler lowered their target price on Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Telsey Advisory Group reissued an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 30th. Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Tuesday, June 10th. Finally, KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Price Performance

Shares of BBY stock traded down $0.19 during trading hours on Friday, reaching $67.58. The company's stock had a trading volume of 5,187,931 shares, compared to its average volume of 3,332,083. The firm's 50 day simple moving average is $68.62 and its 200-day simple moving average is $76.97. The company has a market capitalization of $14.28 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.79 and a beta of 1.25. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating 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 last year, the business posted $1.20 EPS. The company's revenue was down .9% compared to the same quarter last year. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.62%. The ex-dividend date is Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Insider Activity

In other 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 transaction, the chairman now directly owns 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

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.