Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Tobam

Tobam boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 105.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,865 shares of the technology retailer's stock after buying an additional 9,668 shares during the period. Tobam's holdings in Best Buy were worth $1,389,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its holdings in shares of Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock valued at $218,000 after acquiring an additional 125 shares during the period. Mariner LLC grew its position in Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock worth $3,708,000 after purchasing an additional 129 shares during the last quarter. LRI Investments LLC increased its stake in 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 purchasing an additional 141 shares during the period. Rothschild Investment LLC raised its holdings in shares of Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer's stock valued at $74,000 after buying an additional 142 shares during the last quarter. Finally, Independent Advisor Alliance boosted its stake in shares of Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock worth $258,000 after buying an additional 142 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 9,482 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $688,867.30. Following the transaction, the chief financial officer now owns 106,856 shares of the company's stock, valued at approximately $7,763,088.40. This trade represents a 8.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the chairman now directly owns 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 804,374 shares of company stock worth $58,735,581. Company insiders own 0.47% of the company's stock.

Best Buy Price Performance

Shares of BBY stock traded down $2.97 during mid-day trading on Friday, reaching $69.57. The stock had a trading volume of 2,895,274 shares, compared to its average volume of 3,339,703. The company has a market cap of $14.73 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The business has a 50-day simple moving average of $67.54 and a 200 day simple moving average of $77.80. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.46%. Best Buy's dividend payout ratio is presently 92.91%.

Wall Street Analysts Forecast Growth

Several research firms have commented on BBY. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim restated a "buy" rating and set a $90.00 price target on shares of Best Buy in a research note on Tuesday. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Jefferies Financial Group dropped their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Finally, Piper Sandler cut their price objective on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and a consensus price target of $86.11.

About Best Buy

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.