Flagship Harbor Advisors LLC Purchases Shares of 101,199 Best Buy Co., Inc. (NYSE:BBY)

Flagship Harbor Advisors LLC 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 13F filing with the SEC. The institutional investor bought 101,199 shares of the technology retailer's stock, valued at approximately $7,449,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Kentucky Retirement Systems boosted its stake in shares of Best Buy by 7.8% in the 1st quarter. Kentucky Retirement Systems now owns 14,541 shares of the technology retailer's stock worth $1,070,000 after buying an additional 1,051 shares during the last quarter. Center for Financial Planning Inc. grew its holdings in shares of Best Buy by 12.3% in the first quarter. Center for Financial Planning Inc. now owns 3,448 shares of the technology retailer's stock valued at $254,000 after acquiring an additional 379 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in shares of Best Buy by 7.1% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 197,391 shares of the technology retailer's stock valued at $14,530,000 after acquiring an additional 13,143 shares in the last quarter. Harrell Investment Partners LLC grew its holdings in shares of Best Buy by 1.4% in the first quarter. Harrell Investment Partners LLC now owns 34,168 shares of the technology retailer's stock valued at $2,515,000 after acquiring an additional 475 shares in the last quarter. Finally, Centennial Wealth Advisory LLC grew its holdings in shares of Best Buy by 21.6% in the first quarter. Centennial Wealth Advisory LLC now owns 5,290 shares of the technology retailer's stock valued at $389,000 after acquiring an additional 941 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of Best Buy stock traded up $0.45 during trading hours on Thursday, reaching $68.45. The company had a trading volume of 2,148,089 shares, compared to its average volume of 3,315,964. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The business has a fifty day simple moving average of $69.16 and a 200 day simple moving average of $76.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The firm has a market cap of $14.47 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.80 and a beta of 1.25.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping 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 firm had revenue of $8.77 billion during 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 business's revenue for the quarter was down .9% on a year-over-year basis. On average, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a $0.95 dividend. 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 5.55%. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction 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 sale, the chairman now owns 196,100 shares in the company, valued at approximately $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 accessible through the SEC website. 0.47% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BBY. Morgan Stanley reduced their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. UBS Group reduced their target price on 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 reduced their target price 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. Evercore ISI reduced their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $86.11.

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.