Caliber Wealth Management LLC KS Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Caliber Wealth Management LLC acquired 33,364 shares of Best Buy Co., Inc., valued at approximately $2.46 million, marking a notable investment from an institutional investor.
• Best Buy's Chairman Richard M. Schulze sold 729,201 shares, amounting to over $53 million, resulting in a significant 78.81% reduction of his stake in the company.
• The company recently announced a quarterly dividend of $0.95 per share, representing a 5.65% yield with a payout ratio of 92.91%.

Caliber Wealth Management LLC KS purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 33,364 shares of the technology retailer's stock, valued at approximately $2,456,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Pacer Advisors Inc. lifted its stake in shares of Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after buying an additional 998,021 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of Best Buy by 2.9% in the first quarter. Cetera Investment Advisers now owns 73,139 shares of the technology retailer's stock worth $5,384,000 after buying an additional 2,081 shares in the last quarter. GHE LLC increased its position in Best Buy by 7.2% during the first quarter. GHE LLC now owns 20,549 shares of the technology retailer's stock worth $1,513,000 after purchasing an additional 1,386 shares during the last quarter. Machina Capital S.A.S. acquired a new stake in Best Buy during the first quarter worth about $1,090,000. Finally, Unison Advisors LLC increased its position in Best Buy by 1.1% during the first quarter. Unison Advisors LLC now owns 29,219 shares of the technology retailer's stock worth $2,179,000 after purchasing an additional 327 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Down 1.9%

Shares of NYSE BBY traded down $1.32 during midday trading on Tuesday, hitting $66.48. The company's stock had a trading volume of 964,285 shares, compared to its average volume of 3,671,257. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The business's fifty day simple moving average is $69.74 and its two-hundred day simple moving average is $73.70. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The firm has a market capitalization of $14.05 billion, a price-to-earnings ratio of 16.24, a price-to-earnings-growth ratio of 1.78 and a beta of 1.24.

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 (EPS) for the quarter, topping 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 company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The firm's quarterly revenue was down .9% on a year-over-year basis. On average, equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.72%. Best Buy's dividend payout ratio is currently 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BBY has been the subject of several recent analyst reports. Citigroup restated a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Piper Sandler restated a "neutral" rating and set a $75.00 price objective (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. DA Davidson restated a "buy" rating and set a $110.00 price objective on shares of Best Buy in a research report on Monday, April 14th. Wedbush cut their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Finally, UBS Group dropped their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $85.72.

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.