Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Klein Pavlis & Peasley Financial Inc.

Key Points

• Klein Pavlis & Peasley Financial Inc. increased its stake in Best Buy Co., Inc. by 27.3%, now owning 33,600 shares valued at approximately $2.5 million, making it the 21st largest holding in their portfolio.
• Several institutional investors, including Pinnacle Bancorp Inc. and Ancora Advisors LLC, have significantly increased their holdings in Best Buy, reflecting a growing interest in the company by hedge funds and other institutions, which now own 80.96% of its stock.
• Best Buy's latest quarterly earnings report showed $1.15 earnings per share, surpassing consensus estimates, despite a 0.9% decrease in revenue year-over-year.

Klein Pavlis & Peasley Financial Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,600 shares of the technology retailer's stock after buying an additional 7,200 shares during the period. Best Buy accounts for 1.8% of Klein Pavlis & Peasley Financial Inc.'s investment portfolio, making the stock its 21st biggest position. Klein Pavlis & Peasley Financial Inc.'s holdings in Best Buy were worth $2,499,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Invesco Ltd. lifted its position in Best Buy by 20.5% in 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 last quarter. APG Asset Management N.V. bought a new stake in shares of Best Buy during the 4th quarter valued at about $9,073,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Best Buy by 7.1% during the first 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 lifted its stake in shares of Best Buy by 5,519.3% in the 1st 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 position in shares of Best Buy by 10.2% during 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 in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Price Performance

Shares of Best Buy stock traded up $2.07 on Monday, reaching $66.19. The company's stock had a trading volume of 2,822,667 shares, compared to its average volume of 3,450,113. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a market capitalization of $13.99 billion, a P/E ratio of 16.18, a PEG ratio of 1.69 and a beta of 1.21. 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 stock has a 50-day moving average price of $69.33 and a 200-day moving average price of $73.20.

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, beating the consensus estimate 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 analysts' expectations of $8.77 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The business's revenue for the quarter was down .9% on a year-over-year basis. Analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

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

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm'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 transaction, the chairman directly owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.59% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on BBY. BNP Paribas raised Best Buy to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company decreased their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Barclays reduced their price objective on 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. Guggenheim reiterated a "buy" rating and issued a $90.00 price target 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 note on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average 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.