Mackenzie Financial Corp Buys 14,714 Shares of Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Mackenzie Financial Corp increased its stake in Best Buy by 27.1%, owning 68,988 shares valued at $5,078,000 as of the latest reporting period.
• Insider trading saw Chairman Richard M. Schulze sell 729,201 shares for over $53 million, resulting in a significant reduction of his position by 78.81%.
• Best Buy's stock currently has an average price target of $85.72 with a consensus rating of "Hold" from analysts, following multiple target reductions by brokerages.

Mackenzie Financial Corp lifted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 27.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,988 shares of the technology retailer's stock after purchasing an additional 14,714 shares during the period. Mackenzie Financial Corp's holdings in Best Buy were worth $5,078,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BBY. Pacer Advisors Inc. lifted its position in Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after acquiring an additional 998,021 shares during the last quarter. Northern Trust Corp raised its position in shares of Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after buying an additional 701,287 shares during the last quarter. Invesco Ltd. raised its position in shares of Best Buy by 20.5% during the fourth 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 during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Best Buy by 461.2% during the fourth quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after buying an additional 511,161 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Best Buy during the fourth quarter valued at about $29,090,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Telsey Advisory Group reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, May 30th. Piper Sandler reaffirmed a "neutral" rating and set a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Guggenheim reaffirmed a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Tuesday, June 10th. Truist Financial upped their target price on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research note on Friday, May 30th. Finally, BNP Paribas raised shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. One 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 stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $85.72.

Best Buy Stock Performance

Best Buy stock traded up $2.07 during midday trading on Monday, hitting $66.19. The company's stock had a trading volume of 2,822,667 shares, compared to its average volume of 3,450,113. The company has a 50-day moving average price of $69.33 and a two-hundred day moving average price of $73.20. The company has a market cap of $13.99 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 1.69 and a beta of 1.21. 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 Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its 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. The company had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business's revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

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

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value 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. The trade was a 78.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.59% of the company's stock.

Best Buy 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.