Heritage Trust Co Buys 21,415 Shares of Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Heritage Trust Co increased its holdings in Best Buy Co., Inc. by 191.7% during the first quarter, owning 32,584 shares valued at approximately $2.4 million.
• Various institutional investors, including Klein Pavlis & Peasley Financial Inc. and Jefferies Financial Group Inc., also boosted their stakes in Best Buy during the same period, indicating strong interest in the company.
• Research analysts have mixed forecasts for Best Buy, with price objectives ranging from $64.00 to $90.00, and an average rating of "Hold" for the stock.

Heritage Trust Co lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 191.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,584 shares of the technology retailer's stock after purchasing an additional 21,415 shares during the quarter. Heritage Trust Co's holdings in Best Buy were worth $2,399,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BBY. Invesco Ltd. lifted its stake in Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. APG Asset Management N.V. acquired a new position in shares of Best Buy during the 4th quarter valued at about $9,073,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after buying an additional 13,378 shares during the period. GAMMA Investing LLC raised its position in Best Buy by 5,519.3% in the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock valued at $12,744,000 after purchasing an additional 170,050 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Best Buy by 10.2% in the first quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock valued at $36,972,000 after purchasing an additional 46,645 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Down 0.2%

Shares of BBY stock traded down $0.15 during trading on Thursday, reaching $67.28. The company's stock had a trading volume of 789,187 shares, compared to its average volume of 3,637,649. The business has a fifty day moving average price of $69.07 and a 200-day moving average price of $73.01. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. 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 company has a market cap of $14.22 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 1.77 and a beta of 1.21.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. The firm 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 company's quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 earnings per share. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a $0.95 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.6%. Best Buy's dividend payout ratio (DPR) is 92.91%.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction on Monday, June 9th. The shares were 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 directly 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.47% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wells Fargo & Company cut their target price on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Wedbush dropped their price target on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Loop Capital decreased their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Barclays dropped their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Finally, DA Davidson restated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. One equities 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 company's stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and a consensus target price of $85.72.

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.