101,199 Shares in Best Buy Co., Inc. (NYSE:BBY) Acquired by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 101,199 shares of the technology retailer's stock, valued at approximately $7,449,000.

Other large investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. raised its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in Best Buy in the fourth quarter valued at $31,000. Atlas Capital Advisors Inc. boosted its stake in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 243 shares during the last quarter. Ancora Advisors LLC grew its holdings in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Best Buy in the 4th quarter worth about $34,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm'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 completion of the transaction, the chairman now owns 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.59% of the stock is owned by insiders.

Best Buy Stock Performance

BBY traded up $2.52 during trading hours on Tuesday, hitting $68.89. The company's stock had a trading volume of 4,365,870 shares, compared to its average volume of 3,327,669. The company has a 50-day simple moving average of $68.87 and a 200 day simple moving average of $76.58. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $14.56 billion, a PE ratio of 16.84, a PEG ratio of 1.75 and a beta of 1.25. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. 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 company earned $1.20 earnings per share. The company's quarterly revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.52%. Best Buy's dividend payout ratio (DPR) is 92.91%.

Analyst Ratings Changes

BBY has been the topic of several research analyst reports. DA Davidson reaffirmed a "buy" rating and set a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Truist Financial increased 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 reiterated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Tuesday, June 10th. Piper Sandler dropped their price target on Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Finally, Barclays decreased their price objective on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $86.11.

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.