Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Connectus Wealth LLC

Connectus Wealth LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBYGet Rating) by 53.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,185 shares of the technology retailer’s stock after selling 10,631 shares during the period. Connectus Wealth LLC’s holdings in Best Buy were worth $933,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. State Street Corp raised its position in Best Buy by 2.8% in the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock valued at $1,063,725,000 after purchasing an additional 282,542 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Best Buy by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,484,436 shares of the technology retailer’s stock valued at $354,019,000 after purchasing an additional 150,628 shares during the last quarter. Norges Bank purchased a new stake in Best Buy in the 4th quarter valued at $251,898,000. First Trust Advisors LP raised its position in Best Buy by 37.2% in the 4th quarter. First Trust Advisors LP now owns 1,939,489 shares of the technology retailer’s stock valued at $197,052,000 after purchasing an additional 526,208 shares during the last quarter. Finally, Invesco Ltd. raised its position in Best Buy by 24.7% in the 4th quarter. Invesco Ltd. now owns 1,691,744 shares of the technology retailer’s stock valued at $171,880,000 after purchasing an additional 335,265 shares during the last quarter. Institutional investors and hedge funds own 80.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. DA Davidson upped their price objective on shares of Best Buy from $107.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, May 25th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. UBS Group cut their price objective on shares of Best Buy from $80.00 to $76.00 and set a “neutral” rating for the company in a research report on Thursday, July 28th. Truist Financial cut their price objective on shares of Best Buy from $83.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Finally, Citigroup reiterated a “buy” rating on shares of Best Buy in a report on Thursday, June 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $87.69.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze purchased 250,000 shares of the firm’s stock in a transaction on Wednesday, May 25th. The shares were bought at an average cost of $79.60 per share, with a total value of $19,900,000.00. Following the purchase, the chairman now directly owns 20,464,051 shares of the company’s stock, valued at $1,628,938,459.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Richard M. Schulze purchased 250,000 shares of the firm’s stock in a transaction on Wednesday, May 25th. The shares were bought at an average cost of $79.60 per share, with a total value of $19,900,000.00. Following the purchase, the chairman now directly owns 20,464,051 shares of the company’s stock, valued at $1,628,938,459.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Allison Peterson sold 1,646 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total transaction of $132,799.28. Following the sale, the insider now directly owns 39,030 shares in the company, valued at $3,148,940.40. The disclosure for this sale can be found here. Insiders have sold 63,011 shares of company stock valued at $5,036,334 in the last ninety days. Insiders own 0.44% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $76.38 on Friday. The stock has a market cap of $17.20 billion, a price-to-earnings ratio of 8.48, a PEG ratio of 0.62 and a beta of 1.50. Best Buy Co., Inc. has a 52 week low of $64.29 and a 52 week high of $141.97. The company’s 50-day moving average price is $73.60 and its 200 day moving average price is $87.09. The company has a current ratio of 0.96, a quick ratio of 0.24 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.02). Best Buy had a net margin of 4.33% and a return on equity of 63.39%. The business had revenue of $10.65 billion during the quarter, compared to analyst estimates of $10.43 billion. During the same period in the previous year, the company posted $2.23 earnings per share. Best Buy’s revenue was down 8.5% on a year-over-year basis. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.9 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Tuesday, June 14th were paid a dividend of $0.88 per share. The ex-dividend date was Monday, June 13th. This represents a $3.52 annualized dividend and a dividend yield of 4.61%. Best Buy’s dividend payout ratio is currently 39.07%.

Best Buy Profile

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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