Wealth Enhancement Advisory Services LLC Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Wealth Enhancement Advisory Services LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 6.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 184,352 shares of the technology retailer's stock after buying an additional 11,546 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.09% of Best Buy worth $13,570,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Tobam increased its holdings in Best Buy by 105.1% in the first quarter. Tobam now owns 18,865 shares of the technology retailer's stock valued at $1,389,000 after buying an additional 9,668 shares during the last quarter. Rockland Trust Co. grew its holdings in shares of Best Buy by 2.2% during the first quarter. Rockland Trust Co. now owns 10,138 shares of the technology retailer's stock worth $746,000 after purchasing an additional 223 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Best Buy by 27.9% during the first quarter. Fifth Third Bancorp now owns 11,093 shares of the technology retailer's stock worth $817,000 after purchasing an additional 2,423 shares during the last quarter. Donaldson Capital Management LLC grew its holdings in shares of Best Buy by 7.1% during the first quarter. Donaldson Capital Management LLC now owns 9,988 shares of the technology retailer's stock worth $735,000 after purchasing an additional 662 shares during the last quarter. Finally, International Private Wealth Advisors LLC grew its holdings in shares of Best Buy by 8.8% during the first quarter. International Private Wealth Advisors LLC now owns 3,565 shares of the technology retailer's stock worth $262,000 after purchasing an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy 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 now directly owns 196,100 shares in the company, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.59% of the company's stock.

Best Buy Price Performance

Shares of NYSE:BBY opened at $67.58 on Monday. 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 $14.28 billion, a P/E ratio of 16.52, a PEG ratio of 1.78 and a beta of 1.25. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a 50-day moving average price of $68.62 and a 200 day moving average price of $76.78.

Best Buy (NYSE:BBY - Get Free Report) last announced 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 firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.20 earnings per share. Research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.62%. Best Buy's payout ratio is currently 92.91%.

Wall Street Analyst Weigh In

BBY has been the topic of several research reports. Wedbush dropped their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Bank of America dropped their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. BNP Paribas raised Best Buy to a "hold" rating in a report on Friday, May 30th. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Morgan Stanley dropped their price objective on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $86.11.

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.

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