Nisa Investment Advisors LLC Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

Nisa Investment Advisors LLC reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 15.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,730 shares of the technology retailer's stock after selling 8,786 shares during the period. Nisa Investment Advisors LLC's holdings in Best Buy were worth $3,484,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pinnacle Bancorp Inc. grew its holdings in shares of Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after purchasing an additional 178 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy in the fourth quarter worth approximately $31,000. Atlas Capital Advisors Inc. lifted its stake in shares of Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares during the period. Ancora Advisors LLC lifted its stake in shares of Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the period. Finally, Grove Bank & Trust lifted its stake in shares of Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after acquiring an additional 173 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on BBY. Citigroup reaffirmed a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. DA Davidson reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Truist Financial lifted their price objective on 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 objective on Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of "Hold" and an average price target of $86.11.

Best Buy Stock Down 2.5%

Shares of NYSE:BBY traded down $1.83 during trading on Friday, reaching $71.89. 2,991,345 shares of the stock were exchanged, compared to its average volume of 3,340,963. 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 1-year low of $54.99 and a 1-year high of $103.71. The stock has a fifty day moving average of $70.39 and a two-hundred day moving average of $75.12. The firm has a market cap of $15.19 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24.

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. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. Best Buy's revenue for the quarter was down .9% on a year-over-year basis. Research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal 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 issued 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 5.29%. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's 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 owned 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.47% of the stock is owned by company 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.