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

A number of other large investors have also recently bought and sold shares of the business. Virtu Financial LLC bought a new stake in shares of Best Buy during the fourth quarter valued at approximately $457,000. American Century Companies Inc. raised its holdings in shares of Best Buy by 56.7% during the fourth quarter. American Century Companies Inc. now owns 535,958 shares of the technology retailer's stock valued at $45,985,000 after buying an additional 193,830 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Best Buy by 52.4% during the fourth quarter. Sei Investments Co. now owns 84,709 shares of the technology retailer's stock valued at $7,267,000 after buying an additional 29,141 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Best Buy by 26.9% during the fourth quarter. LPL Financial LLC now owns 117,075 shares of the technology retailer's stock valued at $10,045,000 after buying an additional 24,785 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Price Performance

Best Buy stock traded up $0.10 during trading hours on Friday, hitting $67.39. 2,553,408 shares of the stock were exchanged, compared to its average volume of 3,523,930. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The business's 50-day moving average is $69.82 and its two-hundred day moving average is $73.88. The stock has a market capitalization of $14.24 billion, a P/E ratio of 16.48, a P/E/G ratio of 1.78 and a beta of 1.24. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results 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 net margin of 2.13% and a return on equity of 46.40%. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same period last year, the business posted $1.20 earnings per share. The business's revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors 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 5.64%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Wall Street Analyst Weigh In

BBY has been the topic of several recent analyst reports. Truist Financial boosted their target price on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. Guggenheim restated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research report on Tuesday, June 10th. Citigroup reissued a "neutral" rating and set a $70.00 target price (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. BNP Paribas raised shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Finally, UBS Group lowered their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $85.72.

Insider Buying and Selling

In other Best Buy 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 completion of the sale, the chairman owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.47% of the stock is currently owned by corporate 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.