LSV Asset Management Cuts Stake in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• LSV Asset Management reduced its holdings in Best Buy by 2.2%, selling 31,600 shares and now owns about 0.65% of the company, valued at approximately $101.7 million.
• Company Chairman Richard M. Schulze sold over 729,000 shares, representing a significant decrease of 78.81% in his position, worth around $53.2 million.
• Best Buy declared a quarterly dividend of $0.95 per share, resulting in an annualized dividend yield of 5.9%.

LSV Asset Management decreased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 2.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,381,301 shares of the technology retailer's stock after selling 31,600 shares during the quarter. LSV Asset Management owned 0.65% of Best Buy worth $101,678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. lifted its position in Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after purchasing an additional 178 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the fourth quarter valued at approximately $31,000. Atlas Capital Advisors Inc. lifted its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the last quarter. Ancora Advisors LLC lifted its position in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares during the last quarter. Finally, Grove Bank & Trust lifted its position in Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In other 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 directly owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BBY. UBS Group lowered their price objective on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Telsey Advisory Group restated an "outperform" rating and set a $90.00 target price on shares of Best Buy in a report on Friday, May 30th. Wedbush decreased their target price on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Truist Financial upped their target price on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a report on Friday, May 30th. Finally, Barclays decreased their target price on Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $85.72.

Best Buy Stock Up 0.6%

BBY stock traded up $0.43 during midday trading on Wednesday, hitting $67.41. The stock had a trading volume of 331,140 shares, compared to its average volume of 3,636,904. The firm has a market cap of $14.25 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 1.75 and a beta of 1.21. The business has a 50-day moving average of $69.15 and a two-hundred day moving average of $73.05. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio 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.