Nemes Rush Group LLC Grows Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Nemes Rush Group LLC increased its stake in Best Buy by 9.9% during the 1st quarter, owning approximately $9.58 million worth of shares after acquiring additional stock.
• The stock received mixed ratings from analysts, with a consensus rating of "Hold" and a target price of $85.72, indicating varied outlooks on its performance.
• Best Buy announced a quarterly dividend of $0.95 per share, yielding 5.64%, with a dividend payout ratio of 92.91%.

Nemes Rush Group LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 130,084 shares of the technology retailer's stock after purchasing an additional 11,692 shares during the period. Nemes Rush Group LLC owned 0.06% of Best Buy worth $9,576,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BBY. Pinnacle Bancorp Inc. increased its position in shares of Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after purchasing an additional 178 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in Best Buy during the 4th quarter valued at about $31,000. Atlas Capital Advisors Inc. lifted its stake in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares during the period. Ancora Advisors LLC lifted its stake in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the period. Finally, Grove Bank & Trust lifted its stake in shares of Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after acquiring an additional 173 shares during the period. Institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

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 sale, 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 legal filing with the SEC, which is accessible through this hyperlink. 0.47% of the stock is owned by insiders.

Best Buy Trading Down 0.7%

NYSE BBY traded down $0.46 during trading hours on Thursday, reaching $65.33. The company's stock had a trading volume of 1,353,818 shares, compared to its average volume of 3,667,946. The firm has a fifty day simple moving average of $69.57 and a 200-day simple moving average of $73.59. The stock has a market cap of $13.81 billion, a P/E ratio of 15.97, a P/E/G ratio of 1.75 and a beta of 1.24. 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 announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter last year, the firm posted $1.20 EPS. The company's quarterly revenue was down .9% on a year-over-year basis. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BBY. Piper Sandler restated a "neutral" rating and set a $75.00 price target (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Citigroup reiterated a "neutral" rating and issued a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Telsey Advisory Group reissued an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a research report on Friday, May 30th. Wedbush decreased their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Finally, UBS Group decreased their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus 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.