Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group Inc. increased its stake in Best Buy by 101%, acquiring an additional 37,276 shares to reach a total of 74,185 shares valued at approximately $5.46 million.
• Best Buy's chairman, Richard M. Schulze, sold 729,201 shares at an average price of $72.95, reducing his position by 78.81% and now holding shares worth about $14.3 million.
• Analysts have varied opinions on Best Buy's stock, with Barclays and Loop Capital lowering their price targets, while DA Davidson maintains a "buy" rating with a price target of $110.

Jefferies Financial Group Inc. raised its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 101.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,185 shares of the technology retailer's stock after acquiring an additional 37,276 shares during the period. Jefferies Financial Group Inc.'s holdings in Best Buy were worth $5,461,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in 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 worth $436,210,000 after purchasing an additional 239,840 shares in the last quarter. Invesco Ltd. increased its position in Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Best Buy by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,157,432 shares of the technology retailer's stock worth $270,910,000 after purchasing an additional 146,267 shares during the period. Northern Trust Corp lifted its position in shares of Best Buy by 31.3% during the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after buying an additional 701,287 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Best Buy by 9.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,605,902 shares of the technology retailer's stock valued at $223,586,000 after purchasing an additional 215,265 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling

In other Best Buy 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 value of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.59% of the company's stock.

Best Buy Trading Up 3.2%

NYSE:BBY traded up $2.07 during trading hours on Monday, hitting $66.19. The company had a trading volume of 2,822,667 shares, compared to its average volume of 3,450,113. The stock has a 50-day moving average price of $69.33 and a 200 day moving average price of $73.20. 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 company has a market capitalization of $13.99 billion, a PE ratio of 16.18, a price-to-earnings-growth ratio of 1.69 and a beta of 1.21. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week 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 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 during the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. Best Buy's revenue for the quarter was down .9% compared to the same quarter last year. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.7%. Best Buy's payout ratio is currently 92.91%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Guggenheim reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research report on Tuesday, June 10th. Piper Sandler reissued a "neutral" rating and issued a $75.00 price target (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. UBS Group lowered their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Finally, DA Davidson reiterated a "buy" rating and issued a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $85.72.

About Best Buy

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.