Natixis Advisors LLC Decreases Stake in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Natixis Advisors LLC reduced its stake in Best Buy by 27.0%, selling 30,013 shares and now holding 81,198 shares valued at $5,977,000.
• Best Buy's quarterly earnings beat expectations with reported earnings per share of $1.15 against a consensus estimate of $1.09, although quarterly revenue saw a decline of 0.9% year-over-year.
• The company declared a quarterly dividend of $0.95 per share, which translates to an annual yield of 5.6% and a dividend payout ratio of 92.91%.

Natixis Advisors LLC cut its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 27.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,198 shares of the technology retailer's stock after selling 30,013 shares during the period. Natixis Advisors LLC's holdings in Best Buy were worth $5,977,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. lifted its stake in Best Buy by 3,890.0% in the first 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 period. Northern Trust Corp grew its stake 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 worth $252,495,000 after acquiring an additional 701,287 shares during the last quarter. Invesco Ltd. increased its holdings 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 acquiring an additional 629,180 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake 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 worth $53,367,000 after buying an additional 511,161 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Best Buy during the fourth quarter valued at $29,090,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 0.2%

Shares of NYSE BBY traded up $0.13 during mid-day trading on Thursday, hitting $67.56. The company had a trading volume of 2,135,700 shares, compared to its average volume of 3,307,603. 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 $14.28 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 1.78 and a beta of 1.21. The business's 50-day simple moving average is $69.07 and its 200 day simple moving average is $73.01. 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 announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 EPS. On average, analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share 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 given a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.6%. Best Buy's dividend payout ratio is 92.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BBY shares. Loop Capital decreased their target price on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. 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. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. Truist Financial upped their target price on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Finally, Wedbush lowered their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, Best Buy has an average rating of "Hold" and a consensus target price of $85.72.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 729,201 shares of the business'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 transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.47% of the stock is currently owned by company insiders.

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.