Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Berger Financial Group Inc

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 reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 94.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,792 shares of the technology retailer's stock after selling 64,406 shares during the quarter. Berger Financial Group Inc's holdings in Best Buy were worth $279,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its stake in shares of Best Buy by 3,890.0% in the first 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 period. Northern Trust Corp boosted its stake in shares of Best Buy by 31.3% in the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after purchasing an additional 701,287 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Best Buy by 461.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after purchasing an additional 511,161 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after purchasing an additional 408,605 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Best Buy in the fourth quarter valued at $29,090,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE:BBY traded up $1.69 on Tuesday, reaching $70.28. 3,175,773 shares of the company's stock were exchanged, compared to its average volume of 3,142,906. The firm has a market capitalization of $14.85 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 1.81 and a beta of 1.21. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The business's 50-day moving average is $69.16 and its two-hundred day moving average is $72.51. 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, topping analysts' consensus estimates 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 net margin of 2.13% and a return on equity of 46.40%. The firm's revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio is 92.91%.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on 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 sale, the chairman directly owned 196,100 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.59% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BBY shares. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Wedbush decreased their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. UBS Group decreased their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Loop Capital reduced their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price 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.