Janney Capital Management LLC Has $12.33 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Janney Capital Management LLC trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 167,523 shares of the technology retailer's stock after selling 8,318 shares during the quarter. Janney Capital Management LLC owned about 0.08% of Best Buy worth $12,331,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after acquiring an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at $514,483,000. Geode Capital Management LLC lifted its position in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after acquiring an additional 239,840 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after acquiring an additional 459,353 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction that occurred on 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at $4,144,515.20. This represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BBY shares. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. DA Davidson restated a "buy" rating and set a $110.00 price objective on shares of Best Buy in a research report on Monday, April 14th. Wedbush dropped their price objective 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. Guggenheim restated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Tuesday, June 10th. Finally, Truist Financial upped their price objective on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. One 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 has an average rating of "Hold" and an average target price of $86.11.

Best Buy Trading Down 0.3%

Shares of BBY stock traded down $0.19 on Friday, hitting $67.58. The company had a trading volume of 5,187,931 shares, compared to its average volume of 3,316,686. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The firm has a market cap of $14.28 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.78 and a beta of 1.25. The stock's 50-day moving average is $68.62 and its two-hundred day moving average is $76.87.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 2.13% and a return on equity of 46.40%. The company's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company 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 is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.62%. Best Buy's dividend payout ratio (DPR) is currently 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.