Procyon Advisors LLC Acquires Shares of 5,604 Best Buy Co., Inc. (NYSE:BBY)

Procyon Advisors LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,604 shares of the technology retailer's stock, valued at approximately $413,000.

A number of other large investors have also recently made changes to their positions in the stock. Rakuten Securities Inc. boosted its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after buying an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the fourth quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new position in shares of Best Buy in the fourth quarter valued at about $32,000. Atlas Capital Advisors Inc. boosted its stake in shares of Best Buy by 186.9% in the fourth 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. Finally, Ancora Advisors LLC boosted its stake 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 worth $32,000 after acquiring an additional 374 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on BBY. Loop Capital lowered their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, May 30th. Truist Financial boosted their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. Morgan Stanley cut their target price on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $86.11.

Insider Activity

In related news, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the sale, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 807,556 shares of company stock valued at $58,962,426. 0.47% of the stock is currently owned by company insiders.

Best Buy Trading Down 0.2%

BBY traded down $0.15 on Thursday, hitting $72.50. The company had a trading volume of 2,455,734 shares, compared to its average volume of 3,337,163. The business's fifty day simple moving average is $67.31 and its 200 day simple moving average is $77.95. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a market cap of $15.35 billion, a PE ratio of 12.39, a PEG ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The firm had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is 92.91%.

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.