National Bank of Canada FI Raises Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

National Bank of Canada FI lifted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 54.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 147,931 shares of the technology retailer's stock after purchasing an additional 52,043 shares during the quarter. National Bank of Canada FI owned 0.07% of Best Buy worth $10,889,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in shares of Best Buy by 144.0% in the fourth quarter. Wellington Management Group LLP now owns 5,683 shares of the technology retailer's stock valued at $488,000 after purchasing an additional 3,354 shares during the period. SageView Advisory Group LLC grew its stake in shares of Best Buy by 8.9% in the fourth quarter. SageView Advisory Group LLC now owns 2,589 shares of the technology retailer's stock valued at $222,000 after acquiring an additional 211 shares in the last quarter. Mariner LLC grew its stake in Best Buy by 0.3% during the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock worth $3,708,000 after buying an additional 129 shares in the last quarter. Ontario Teachers Pension Plan Board grew its stake in Best Buy by 193.4% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 10,153 shares of the technology retailer's stock worth $871,000 after buying an additional 6,692 shares in the last quarter. Finally, Jump Financial LLC grew its stake in Best Buy by 81.0% during the fourth quarter. Jump Financial LLC now owns 10,517 shares of the technology retailer's stock worth $902,000 after buying an additional 4,706 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated 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 transaction, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. The trade was a 78.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.47% of the stock is owned by insiders.

Best Buy Price Performance

BBY stock traded down $0.13 during mid-day trading on Friday, reaching $71.61. 2,297,440 shares of the company traded hands, compared to its average volume of 3,076,030. 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 $15.13 billion, a P/E ratio of 17.51, a P/E/G ratio of 1.89 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. The company has a fifty day moving average price of $69.23 and a 200-day moving average price of $72.31.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's payout ratio is presently 92.91%.

Analysts Set New Price Targets

BBY has been the subject of a number of research reports. Wells Fargo & Company dropped their target price 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. Loop Capital decreased their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. 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. 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. Finally, Piper Sandler reissued a "neutral" rating and issued a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $85.72.

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.