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Ritholtz Wealth Management Trims Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Best Buy logo with Retail/Wholesale background

Ritholtz Wealth Management trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 43.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,973 shares of the technology retailer's stock after selling 6,799 shares during the period. Ritholtz Wealth Management's holdings in Best Buy were worth $660,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Best Buy by 6.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 184,352 shares of the technology retailer's stock valued at $13,570,000 after buying an additional 11,546 shares in the last quarter. Tobam lifted its stake in shares of Best Buy by 105.1% in the first quarter. Tobam now owns 18,865 shares of the technology retailer's stock valued at $1,389,000 after buying an additional 9,668 shares in the last quarter. Rockland Trust Co. lifted its stake in shares of Best Buy by 2.2% in the first quarter. Rockland Trust Co. now owns 10,138 shares of the technology retailer's stock valued at $746,000 after buying an additional 223 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Best Buy by 27.9% in the first quarter. Fifth Third Bancorp now owns 11,093 shares of the technology retailer's stock valued at $817,000 after buying an additional 2,423 shares in the last quarter. Finally, Donaldson Capital Management LLC lifted its stake in shares of Best Buy by 7.1% in the first quarter. Donaldson Capital Management LLC now owns 9,988 shares of the technology retailer's stock valued at $735,000 after buying an additional 662 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on BBY. BNP Paribas raised shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Piper Sandler dropped their price target on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Tuesday, June 10th. Morgan Stanley dropped 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. Finally, Barclays dropped their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $86.11.

Read Our Latest Stock Analysis on Best Buy

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman now owns 196,100 shares of the company's stock, valued at approximately $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. This represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company's stock.

Best Buy Stock Performance

BBY stock traded down $0.19 during mid-day trading on Friday, hitting $67.58. The company had a trading volume of 5,187,931 shares, compared to its average volume of 3,316,686. The firm has a market cap of $14.28 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 1.78 and a beta of 1.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The stock's fifty day moving average price is $68.62 and its two-hundred day moving average price is $76.87.

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. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The company's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 earnings per share. On average, 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 will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.62%. Best Buy's payout ratio is 92.91%.

Best Buy Profile

(Free Report)

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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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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