Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Brown Advisory Inc.

Brown Advisory Inc. trimmed its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 278,064 shares of the technology retailer's stock after selling 4,332 shares during the period. Brown Advisory Inc. owned 0.13% of Best Buy worth $20,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC increased its holdings in shares of Best Buy by 1.3% in the first quarter. Concurrent Investment Advisors LLC now owns 27,825 shares of the technology retailer's stock valued at $2,048,000 after purchasing an additional 358 shares during the period. World Investment Advisors boosted its position in Best Buy by 4.7% in the first quarter. World Investment Advisors now owns 53,752 shares of the technology retailer's stock valued at $3,957,000 after buying an additional 2,420 shares during the last quarter. IFM Investors Pty Ltd increased its holdings in Best Buy by 5.9% in the 1st quarter. IFM Investors Pty Ltd now owns 49,673 shares of the technology retailer's stock worth $3,656,000 after buying an additional 2,766 shares during the period. OneDigital Investment Advisors LLC purchased a new position in Best Buy during the 1st quarter worth approximately $200,000. Finally, Conning Inc. raised its position in Best Buy by 12.9% during the 1st quarter. Conning Inc. now owns 454,314 shares of the technology retailer's stock worth $33,442,000 after buying an additional 51,814 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 0.3%

Shares of NYSE BBY opened at $72.44 on Thursday. The firm has a market cap of $15.31 billion, a price-to-earnings ratio of 17.71, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The company's 50-day simple moving average is $70.18 and its 200-day simple moving average is $75.38. 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 Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly 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 net margin of 2.13% and a return on equity of 46.40%. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same period last year, the company posted $1.20 EPS. Best Buy's quarterly revenue was down .9% compared to the same quarter last year. Equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.25%. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were 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 of the company's stock, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.47% of the stock is owned by insiders.

Analysts Set New Price Targets

BBY has been the topic of a number of research reports. Wedbush cut their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Wells Fargo & Company lowered their price target on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Barclays reduced their price objective on Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Citigroup restated a "neutral" rating and issued a $70.00 target price (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Truist Financial raised their target price on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $86.11.

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.

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