Sabal Trust CO Acquires 9,126 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sabal Trust CO lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 218,846 shares of the technology retailer's stock after purchasing an additional 9,126 shares during the quarter. Sabal Trust CO owned 0.10% of Best Buy worth $16,109,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pinnacle Bancorp Inc. boosted 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 valued at $25,000 after purchasing an additional 178 shares during the period. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy in the 4th quarter valued at $31,000. Atlas Capital Advisors Inc. boosted its position 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 valued at $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC boosted its position 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 valued at $32,000 after purchasing an additional 374 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Down 0.4%

Shares of BBY traded down $0.24 during midday trading on Friday, reaching $68.19. 4,693,417 shares of the stock were exchanged, compared to its average volume of 3,324,151. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The company has a market cap of $14.41 billion, a price-to-earnings ratio of 16.67, a P/E/G ratio of 1.80 and a beta of 1.25. The firm has a 50 day simple moving average of $69.29 and a 200-day simple moving average of $76.10. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 46.40% and a net margin of 2.13%. The firm's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date is Wednesday, June 18th. Best Buy's dividend payout ratio is 92.91%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BBY. Citigroup reissued a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Wells Fargo & Company reduced their price objective on Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Bank of America reduced their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Piper Sandler reduced their price objective on Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Finally, Wedbush reduced their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. One 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.com, the stock currently has a consensus rating of "Hold" and an average price target of $86.11.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the transaction, the chairman now owns 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 legal filing with the SEC, which is accessible through this link. 0.59% of the stock is currently owned by 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.