Procyon Advisors LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

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

A number of other large investors also recently made changes to their positions in the company. Stevens Capital Management LP raised its stake in Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after purchasing an additional 15,741 shares in the last quarter. Invesco Ltd. boosted its position in Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares during the period. Vanguard Group Inc. grew its stake in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Pinnacle Financial Partners Inc acquired a new position in Best Buy during the 4th quarter worth about $3,293,000. Finally, APG Asset Management N.V. bought a new stake in shares of Best Buy in the 4th quarter valued at about $9,073,000. Institutional investors own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on BBY. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. Wells Fargo & Company reduced their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Loop Capital decreased their price objective 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. DA Davidson restated a "buy" rating and issued a $110.00 target price on shares of Best Buy in a report on Monday, April 14th. Finally, Morgan Stanley cut their price target on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $86.11.

Best Buy Price Performance

Shares of NYSE:BBY opened at $73.03 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market cap of $15.46 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. The stock's fifty day simple moving average is $66.87 and its two-hundred day simple moving average is $78.12. 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 released its quarterly 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. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same period last year, the firm earned $1.20 earnings per share. The firm's revenue was down .9% on a year-over-year basis. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm 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 $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.20%. Best Buy's dividend payout ratio is currently 92.91%.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the company's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, 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. Insiders sold 78,355 shares of company stock worth $5,767,213 in the last quarter. 0.47% of the stock is currently owned by company insiders.

Best Buy Company 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.

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