Tounjian Advisory Partners LLC Invests $923,000 in Best Buy Co., Inc. (NYSE:BBY)

Tounjian Advisory Partners LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 12,546 shares of the technology retailer's stock, valued at approximately $923,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BBY. Farther Finance Advisors LLC raised its holdings in Best Buy by 35.8% during the 1st quarter. Farther Finance Advisors LLC now owns 6,940 shares of the technology retailer's stock worth $516,000 after purchasing an additional 1,828 shares during the last quarter. Disciplined Equity Management Inc. lifted its holdings in Best Buy by 4.9% in the first quarter. Disciplined Equity Management Inc. now owns 15,733 shares of the technology retailer's stock valued at $1,158,000 after buying an additional 730 shares during the period. Park Avenue Securities LLC lifted its holdings in Best Buy by 8.6% in the first quarter. Park Avenue Securities LLC now owns 11,225 shares of the technology retailer's stock valued at $826,000 after buying an additional 891 shares during the period. Gateway Investment Advisers LLC boosted its position in Best Buy by 10.0% during the first quarter. Gateway Investment Advisers LLC now owns 11,043 shares of the technology retailer's stock valued at $813,000 after acquiring an additional 1,004 shares during the last quarter. Finally, Impact Capital Partners LLC acquired a new stake in Best Buy during the 1st quarter worth about $415,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Analysts Set New Price Targets

BBY has been the topic of several research analyst reports. Loop Capital cut their target price on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Evercore ISI cut their price target on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. UBS Group dropped their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $86.11.

Best Buy Stock Up 3.0%

Shares of Best Buy stock traded up $2.17 on Tuesday, hitting $74.92. The company had a trading volume of 4,246,836 shares, compared to its average volume of 3,335,719. The stock has a market capitalization of $15.86 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 2.10 and a beta of 1.25. The stock has a 50 day moving average of $66.81 and a 200-day moving average of $78.00. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping 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 business had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same period in the prior year, the firm posted $1.20 EPS. The firm's quarterly revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.07%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Insider Buying and Selling

In related news, CEO Corie S. Barry bought 13,500 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is 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.