Todd Asset Management LLC Has $23.38 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Todd Asset Management LLC increased its stake in Best Buy by 31.8%, acquiring an additional 76,550 shares during the first quarter.
• Best Buy's earnings report showed an EPS of $1.15, surpassing the consensus estimate of $1.09, despite a 0.9% decline in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.95 per share, resulting in an annualized yield of 5.5%.

Todd Asset Management LLC raised its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 31.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 317,604 shares of the technology retailer's stock after acquiring an additional 76,550 shares during the period. Todd Asset Management LLC owned approximately 0.15% of Best Buy worth $23,379,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Pinnacle Bancorp Inc. grew its holdings in 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 buying an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in Best Buy in the 4th quarter worth about $31,000. Ancora Advisors LLC boosted its holdings in 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. Grove Bank & Trust grew its position in shares of Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Finally, LRI Investments LLC increased its holdings in shares of Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after purchasing an additional 141 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Down 1.2%

Shares of NYSE:BBY traded down $0.88 during midday trading on Thursday, hitting $71.85. 2,649,578 shares of the stock were exchanged, compared to its average volume of 3,623,908. The business's 50-day moving average price is $69.23 and its 200 day moving average price is $72.51. The stock has a market capitalization of $15.19 billion, a price-to-earnings ratio of 17.57, a P/E/G ratio of 1.86 and a beta of 1.21. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. 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 (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The firm 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the 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 sale, the chairman owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.47% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BBY. Wedbush cut their price target 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. Guggenheim reaffirmed a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Tuesday, June 10th. Barclays reduced their price objective on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Truist Financial boosted their target price on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. Finally, BNP Paribas raised shares of Best Buy to a "hold" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $85.72.

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.