PNC Financial Services Group Inc. Has $2.07 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Best Buy by 18.5%, currently holding 28,065 shares valued at approximately $2.07 million.
• In recent transactions, Pacer Advisors Inc. increased its position in Best Buy by 3,890%, now owning over 1 million shares worth $75.35 million.
• The company declared a quarterly dividend of $0.95 per share, representing a 5.5% annual yield, with a high payout ratio of 92.91%.

PNC Financial Services Group Inc. lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 18.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,065 shares of the technology retailer's stock after selling 6,384 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Best Buy were worth $2,066,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Bancorp Inc. boosted its position in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after acquiring an additional 178 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Best Buy during the 4th quarter worth $31,000. Ancora Advisors LLC lifted its holdings in shares of 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 buying an additional 374 shares during the period. Grove Bank & Trust lifted its holdings in shares of 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 buying an additional 173 shares during the period. Finally, LRI Investments LLC lifted its holdings in shares of Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after buying an additional 141 shares during the period. Institutional investors and hedge funds 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 that occurred 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.59% of the company's stock.

Best Buy Stock Performance

NYSE:BBY traded up $1.69 during mid-day trading on Tuesday, hitting $70.28. 3,172,438 shares of the company's stock traded hands, compared to its average volume of 3,630,746. The firm has a 50 day moving average of $69.16 and a two-hundred day moving average of $72.53. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The firm has a market capitalization of $14.85 billion, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 1.82 and a beta of 1.21. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the prior year, the company earned $1.20 EPS. The firm's revenue for the quarter was down .9% compared to the same quarter last year. On average, 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders 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 dividend on an annualized basis and a dividend yield of 5.4%. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BBY shares. DA Davidson reaffirmed a "buy" rating and set a $110.00 target price on shares of Best Buy in a research report on Monday, April 14th. Wedbush dropped their target price 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. UBS Group dropped their target price on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a research report on Friday, May 30th. Finally, 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 report on Friday, May 30th. One 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, the stock has a consensus rating of "Hold" and an average 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.