Best Buy Co., Inc. (NYSE:BBY) Stock Position Raised by Wealthfront Advisers LLC

Wealthfront Advisers LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 37.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,142 shares of the technology retailer's stock after acquiring an additional 30,543 shares during the quarter. Wealthfront Advisers LLC owned approximately 0.05% of Best Buy worth $8,328,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Bancorp Inc. lifted its holdings in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after purchasing an additional 178 shares during the last quarter. Vermillion Wealth Management Inc. bought a new position in Best Buy in the fourth quarter valued at about $31,000. Atlas Capital Advisors Inc. grew its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 243 shares during the last quarter. Ancora Advisors LLC grew its holdings in shares of Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares during the last quarter. Finally, Grove Bank & Trust grew its holdings in shares of Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.47% of the company's stock.

Best Buy Stock Performance

NYSE BBY traded down $0.16 during trading hours on Friday, hitting $67.51. The company had a trading volume of 3,540,233 shares, compared to its average volume of 3,703,087. 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 Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a market cap of $14.27 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 1.77 and a beta of 1.24. The business has a 50 day moving average of $70.43 and a 200-day moving average of $74.67.

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 the consensus estimate 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 return on equity of 46.40% and a net margin of 2.13%. The company's quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were issued a dividend of $0.95 per share. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.63%. Best Buy's payout ratio is 92.91%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BBY. Barclays dropped their price target 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. BNP Paribas upgraded Best Buy to a "hold" rating in a research note on Friday, May 30th. UBS Group cut their price target on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Piper Sandler reissued a "neutral" rating and set a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a report on Monday. Finally, Loop Capital dropped their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Best Buy has a consensus rating of "Hold" and an average price target of $85.72.

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.