CCM Investment Group LLC Invests $1.74 Million in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• CCM Investment Group LLC purchased 24,053 shares of Best Buy Co., Inc., valued at approximately $1.74 million, indicating growing institutional interest in the stock.
• Best Buy reported a quarterly EPS of $1.15, surpassing estimates, but showed a year-over-year revenue decline of 0.9% with a net margin of 2.13%.
• The company announced a quarterly dividend of $0.95 per share, representing a 5.5% yield with a payout ratio of 92.91%.

CCM Investment Group LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 24,053 shares of the technology retailer's stock, valued at approximately $1,743,000.

A number of other institutional investors also recently modified their holdings of BBY. Pacer Advisors Inc. raised its holdings in shares of Best Buy by 3,890.0% during the 1st 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. Northern Trust Corp grew its position 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 worth $252,495,000 after acquiring an additional 701,287 shares during the last quarter. Nuveen LLC bought a new position in Best Buy in the first quarter valued at about $39,579,000. Canada Pension Plan Investment Board raised its position in Best Buy by 461.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after purchasing an additional 511,161 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after purchasing an additional 408,605 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Piper Sandler reiterated a "neutral" rating and issued a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a report on Friday, May 30th. UBS Group dropped their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a report on Friday, May 30th. Wells Fargo & Company dropped their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Finally, DA Davidson reiterated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $85.72.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.59% of the company's stock.

Best Buy Stock Up 2.5%

NYSE:BBY traded up $1.69 on Tuesday, hitting $70.28. The stock had a trading volume of 3,175,773 shares, compared to its average volume of 3,142,906. The business's fifty day moving average is $69.16 and its 200 day moving average is $72.51. The company has a market cap of $14.85 billion, a PE ratio of 17.18, a P/E/G ratio of 1.81 and a beta of 1.21. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal 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 issued a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.4%. Best Buy's dividend payout ratio is presently 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.