Berger Financial Group Inc Decreases Holdings in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Berger Financial Group Inc significantly reduced its holdings in Best Buy Co., Inc. by 94.4%, owning only 3,792 shares after selling 64,406 in the 1st quarter.
• Best Buy reported earnings of $1.15 per share for the quarter, surpassing expectations of $1.09, although revenue fell 0.9% year-over-year.
• Best Buy recently declared a quarterly dividend of $0.95 per share, representing an annualized payout of $3.80 with a dividend yield of 5.5%.

Berger Financial Group Inc cut its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 94.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,792 shares of the technology retailer's stock after selling 64,406 shares during the period. Berger Financial Group Inc's holdings in Best Buy were worth $279,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BBY. Mariner LLC grew its position in shares of Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after buying an additional 129 shares during the last quarter. LRI Investments LLC grew its position in shares of Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after buying an additional 141 shares during the last quarter. Prosperity Consulting Group LLC grew its position in shares of Best Buy by 6.4% during the 4th quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock valued at $206,000 after buying an additional 145 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in shares of Best Buy by 25.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock valued at $53,000 after buying an additional 147 shares during the last quarter. Finally, HB Wealth Management LLC grew its position in shares of Best Buy by 2.4% during the 1st quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer's stock valued at $467,000 after buying an additional 149 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.47% of the company's stock.

Best Buy Price Performance

NYSE BBY traded down $0.51 during trading hours on Friday, hitting $71.23. The company had a trading volume of 723,801 shares, compared to its average volume of 3,605,018. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The firm has a market capitalization of $15.05 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 1.92 and a beta of 1.21. The firm has a 50 day simple moving average of $69.25 and a 200 day simple moving average of $72.42.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's revenue was down .9% compared to the same quarter last year. During the same period last year, the firm posted $1.20 earnings per share. Equities research 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 declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.3%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is presently 92.91%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BBY shares. Truist Financial upped their price target on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Barclays cut their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Guggenheim reissued a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Tuesday, June 10th. Wells Fargo & Company decreased their price objective on shares of 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, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $85.72.

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.