Blackhawk Capital Partners LLC. Purchases New Shares in Best Buy Co., Inc. (NYSE:BBY)

Blackhawk Capital Partners LLC. purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 21,385 shares of the technology retailer's stock, valued at approximately $1,574,000.

Several other hedge funds also recently added to or reduced their stakes in BBY. Norges Bank bought a new position in Best Buy during the 4th quarter valued at about $178,015,000. Northern Trust Corp grew its holdings in Best Buy by 31.3% during the 4th 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 last quarter. Invesco Ltd. grew its holdings in Best Buy by 20.5% during the 4th 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 during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Best Buy by 101.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock worth $95,661,000 after acquiring an additional 561,413 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Best Buy by 461.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock worth $53,367,000 after acquiring an additional 511,161 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on BBY shares. UBS Group dropped their target price 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. Piper Sandler dropped their target price on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Wedbush dropped 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 note on Friday, May 30th. Truist Financial upped their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Finally, Telsey Advisory Group restated an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and a consensus target price of $86.11.

Insider Buying and Selling at Best Buy

In other 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 value of $53,195,212.95. Following the sale, the chairman 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is owned by insiders.

Best Buy Stock Up 0.5%

Shares of NYSE BBY traded up $0.33 during midday trading on Wednesday, reaching $72.57. 578,277 shares of the company's stock traded hands, compared to its average volume of 3,328,630. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The stock's 50 day simple moving average is $70.07 and its 200-day simple moving average is $75.40. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The company has a market cap of $15.34 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 1.86 and a beta of 1.24.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The business had revenue of $8.77 billion during 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 business's quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the company posted $1.20 earnings per share. On average, analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.24%. Best Buy's payout ratio is currently 92.91%.

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.