Crossmark Global Holdings Inc. Sells 15,088 Shares of Best Buy Co., Inc. (NYSE:BBY)

Crossmark Global Holdings Inc. trimmed its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 40.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 22,342 shares of the technology retailer's stock after selling 15,088 shares during the period. Crossmark Global Holdings Inc.'s holdings in Best Buy were worth $1,645,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mariner LLC boosted its holdings in Best Buy by 0.3% in the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after acquiring an additional 129 shares during the last quarter. LRI Investments LLC lifted its position in Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after purchasing an additional 141 shares during the period. Independent Advisor Alliance boosted its stake in shares of Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock valued at $258,000 after purchasing an additional 142 shares during the last quarter. Prosperity Consulting Group LLC boosted its stake in shares of Best Buy by 6.4% in the 4th quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock valued at $206,000 after purchasing an additional 145 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of Best Buy by 25.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock worth $53,000 after buying an additional 147 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BBY shares. BNP Paribas raised shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Loop Capital decreased their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Wells Fargo & Company dropped their price objective on Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Telsey Advisory Group restated an "outperform" rating and set a $90.00 target price on shares of Best Buy in a report on Friday, May 30th. Finally, Piper Sandler lowered their price target on Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $86.11.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The stock was 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 in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. 0.59% of the stock is owned by insiders.

Best Buy Stock Down 2.5%

Best Buy stock traded down $1.83 during midday trading on Friday, reaching $71.89. The stock had a trading volume of 2,991,345 shares, compared to its average volume of 3,340,963. The stock has a market capitalization of $15.19 billion, a P/E ratio of 17.58, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The firm's fifty day simple moving average is $70.39 and its 200-day simple moving average is $75.02. 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 Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue was down .9% compared to the same quarter last year. During the same period last year, the company earned $1.20 earnings per share. As a group, 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 disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.29%. Best Buy's dividend payout ratio is 92.91%.

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.