Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Virtu Financial LLC

Key Points

• Virtu Financial LLC has significantly increased its stake in Best Buy, owning a total of 29,565 shares worth $2.176 million after purchasing 24,241 additional shares in the first quarter.
• Best Buy's latest quarterly earnings report revealed an EPS of $1.15, surpassing analyst expectations of $1.09, despite a 0.9% year-over-year revenue decline.
• The company declared a quarterly dividend of $0.95 per share, offering a dividend yield of 5.5%, with a payout ratio of nearly 93%.

Virtu Financial LLC boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 455.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,565 shares of the technology retailer's stock after buying an additional 24,241 shares during the period. Virtu Financial LLC's holdings in Best Buy were worth $2,176,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after buying an additional 408,605 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Best Buy by 6.4% in the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock valued at $289,051,000 after purchasing an additional 234,669 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Best Buy by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,157,432 shares of the technology retailer's stock valued at $270,910,000 after purchasing an additional 146,267 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Best Buy by 31.3% in the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after purchasing an additional 701,287 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Best Buy by 9.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,605,902 shares of the technology retailer's stock valued at $223,586,000 after purchasing an additional 215,265 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on BBY shares. Truist Financial upped their price target on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research note on Friday, May 30th. UBS Group decreased their target price on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Barclays decreased their target price on 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. Guggenheim reissued a "buy" rating and set a $90.00 target price on shares of Best Buy in a research note on Tuesday, June 10th. Finally, DA Davidson reissued a "buy" rating and set a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Best Buy has an average rating of "Hold" and an average target price of $85.72.

Best Buy Price Performance

Best Buy stock traded up $1.69 during mid-day trading on Tuesday, hitting $70.28. 3,175,773 shares of the company were exchanged, compared to its average volume of 3,142,906. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The business's 50 day simple moving average is $69.16 and its two-hundred day simple moving average is $72.51. The company has a market capitalization of $14.85 billion, a P/E ratio of 17.18, a PEG ratio of 1.81 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.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's revenue was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $1.20 earnings per share. 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 disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were given a $0.95 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.4%. Best Buy's payout ratio is currently 92.91%.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction 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 completion of the sale, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Best Buy 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.