Cheviot Value Management LLC Buys New Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Cheviot Value Management LLC has acquired 3,900 shares of Best Buy Co., Inc. valued at approximately $264,000 during the 1st quarter.
• Analysts have set a consensus target price of $85.72 for Best Buy, with ratings ranging from a "sell" to "buy."
• Best Buy recently reported an earnings per share (EPS) of $1.15, exceeding consensus estimates, despite a year-over-year revenue decline of 0.9%.

Cheviot Value Management LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,900 shares of the technology retailer's stock, valued at approximately $264,000.

Other large investors also recently made changes to their positions in the company. LPL Financial LLC boosted its holdings in Best Buy by 26.9% in the fourth quarter. LPL Financial LLC now owns 117,075 shares of the technology retailer's stock valued at $10,045,000 after acquiring an additional 24,785 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Best Buy by 5.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,395 shares of the technology retailer's stock worth $286,000 after buying an additional 167 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Best Buy by 144.0% during the fourth quarter. Wellington Management Group LLP now owns 5,683 shares of the technology retailer's stock worth $488,000 after buying an additional 3,354 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Best Buy by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after buying an additional 239,840 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in Best Buy by 27.3% during the fourth quarter. Huntington National Bank now owns 2,675 shares of the technology retailer's stock worth $230,000 after buying an additional 573 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BBY shares. Wells Fargo & Company dropped their price target on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Barclays dropped their price target on Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Piper Sandler reissued a "neutral" rating and issued a $75.00 target price (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. BNP Paribas raised Best Buy to a "hold" rating in a research report on Friday, May 30th. Finally, Truist Financial lifted their target price on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $85.72.

Best Buy Stock Performance

Shares of BBY stock traded down $0.45 during trading on Thursday, reaching $66.98. 708,132 shares of the company's stock were exchanged, compared to its average volume of 3,636,924. 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 stock has a market capitalization of $14.16 billion, a PE ratio of 16.37, a PEG ratio of 1.77 and a beta of 1.21. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The firm's fifty day moving average price is $69.07 and its 200-day moving average price is $73.01.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 EPS. As a group, sell-side 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. Stockholders of record on Thursday, June 19th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated 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 completion of the sale, the chairman owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.47% of the company's stock.

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.