Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. significantly increased its stake in Best Buy, raising its position by 3,890.0% during the first quarter, bringing its total shares to over 1 million worth approximately $75 million.
• Insider trading activity showed Chairman Richard M. Schulze sold 729,201 shares for over $53 million, which marked a 78.81% decrease in his ownership.
• Best Buy's recent financial performance included earnings of $1.15 per share, exceeding analyst expectations, although revenue decreased by 0.9% year-over-year.

Pacer Advisors Inc. raised its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 3,890.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,023,677 shares of the technology retailer's stock after purchasing an additional 998,021 shares during the period. Pacer Advisors Inc. owned about 0.48% of Best Buy worth $75,353,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Cetera Investment Advisers increased its holdings in shares of Best Buy by 2.9% in the 1st quarter. Cetera Investment Advisers now owns 73,139 shares of the technology retailer's stock valued at $5,384,000 after acquiring an additional 2,081 shares during the period. GHE LLC grew its stake in Best Buy by 7.2% during the 1st quarter. GHE LLC now owns 20,549 shares of the technology retailer's stock worth $1,513,000 after buying an additional 1,386 shares during the last quarter. Machina Capital S.A.S. purchased a new position in Best Buy during the 1st quarter worth $1,090,000. Unison Advisors LLC grew its stake in Best Buy by 1.1% during the 1st quarter. Unison Advisors LLC now owns 29,219 shares of the technology retailer's stock worth $2,179,000 after buying an additional 327 shares during the last quarter. Finally, AE Wealth Management LLC grew its stake in Best Buy by 17.6% during the 1st quarter. AE Wealth Management LLC now owns 150,875 shares of the technology retailer's stock valued at $11,106,000 after purchasing an additional 22,530 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on BBY. BNP Paribas upgraded Best Buy to a "hold" rating in a research note on Friday, May 30th. Loop Capital decreased their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. Wells Fargo & Company decreased their price objective on Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. UBS Group decreased their price objective on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a report on Friday, May 30th. Finally, Truist Financial upped their price target on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. One 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's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $85.72.

Best Buy Trading Up 0.6%

Best Buy stock traded up $0.39 during mid-day trading on Monday, hitting $67.83. The company's stock had a trading volume of 1,387,795 shares, compared to its average volume of 3,682,451. The firm has a market capitalization of $14.34 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.78 and a beta of 1.24. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. 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 stock's fifty day moving average is $69.82 and its two-hundred day moving average is $73.80.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $8.77 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The firm's revenue for the quarter was down .9% compared to the same quarter last year. On average, analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

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 dividend on an annualized basis and a yield of 5.60%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is 92.91%.

Insider Buying and Selling

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 transaction of $53,195,212.95. Following the transaction, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by company insiders.

Best Buy Company 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.