LPL Financial LLC Acquires 12,999 Shares of Best Buy Co., Inc. (NYSE:BBY)

Key Points

• LPL Financial LLC increased its stake in Best Buy Co., Inc. by 11.1% during the 1st quarter, owning approximately 0.06% of the company's shares valued at $9.58 million.
• Best Buy's recent quarterly earnings report showed an EPS of $1.15, surpassing the consensus estimate of $1.09, with revenue of $8.77 billion, which was down 0.9% year-over-year.
• The company declared a quarterly dividend of $0.95 per share, representing an annualized dividend of $3.80, yielding 5.5%, with a payout ratio of 92.91%.

LPL Financial LLC boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 11.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,074 shares of the technology retailer's stock after acquiring an additional 12,999 shares during the quarter. LPL Financial LLC owned 0.06% of Best Buy worth $9,575,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BBY. Pacer Advisors Inc. boosted its stake in shares of Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after purchasing an additional 998,021 shares during the last quarter. Northern Trust Corp lifted its position in shares of Best Buy by 31.3% during the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after acquiring an additional 701,287 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Best Buy by 461.2% during the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after acquiring an additional 511,161 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Best Buy during the 4th quarter valued at $29,090,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Best Buy by 9.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,605,902 shares of the technology retailer's stock valued at $223,586,000 after acquiring an additional 215,265 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Down 0.4%

Shares of BBY stock traded down $0.30 on Monday, hitting $68.67. The stock had a trading volume of 2,862,503 shares, compared to its average volume of 3,633,789. The stock has a market cap of $14.51 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 1.82 and a beta of 1.21. The business has a 50 day moving average of $69.15 and a 200 day moving average of $72.64. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. 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 posted 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 company had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors 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 yield of 5.5%. Best Buy's dividend payout ratio is presently 92.91%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research reports. Truist Financial boosted their target price on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. Loop Capital dropped their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Wells Fargo & Company dropped their target price on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Wedbush dropped their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $85.72.

Insiders Place Their Bets

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 transaction of $53,195,212.95. Following the completion of the transaction, the chairman owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.59% of the company's stock.

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.