Best Buy Co., Inc. (NYSE:BBY) Position Reduced by TD Asset Management Inc

TD Asset Management Inc lowered its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,839 shares of the technology retailer's stock after selling 4,985 shares during the quarter. TD Asset Management Inc owned 0.07% of Best Buy worth $10,809,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BBY. Invesco Ltd. lifted its holdings in shares of Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after purchasing an additional 629,180 shares in the last quarter. APG Asset Management N.V. purchased a new position in Best Buy during the fourth quarter worth $9,073,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Best Buy by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after acquiring an additional 13,378 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Best Buy by 5,519.3% during the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock valued at $12,744,000 after acquiring an additional 170,050 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Best Buy by 10.2% during the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after purchasing an additional 46,645 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Down 1.5%

Shares of BBY traded down $0.95 during midday trading on Friday, reaching $64.11. 3,188,714 shares of the company were exchanged, compared to its average volume of 3,290,663. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The stock has a 50-day moving average price of $69.45 and a 200-day moving average price of $73.46. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The company has a market cap of $13.55 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 1.72 and a beta of 1.21.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly 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 firm had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter in the prior year, the business earned $1.20 EPS. Best Buy's quarterly revenue was down .9% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated 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 sale, the chairman directly owned 196,100 shares of the company's stock, valued at approximately $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.47% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BBY shares. UBS Group decreased their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock 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 on the stock in a research report on Friday, May 30th. Telsey Advisory Group reiterated an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, May 30th. Truist Financial raised their price objective on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. Finally, Barclays dropped their target price 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. One investment 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 a consensus target price of $85.72.

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.