M&G Plc Has $10.58 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

M&G Plc boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 20.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 125,976 shares of the technology retailer’s stock after purchasing an additional 20,997 shares during the period. M&G Plc’s holdings in Best Buy were worth $10,582,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Alhambra Investment Management LLC acquired a new position in Best Buy in the second quarter valued at $409,000. LVW Advisors LLC lifted its holdings in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after buying an additional 130 shares during the period. Dynamic Advisor Solutions LLC lifted its holdings in Best Buy by 5.8% in the second quarter. Dynamic Advisor Solutions LLC now owns 3,847 shares of the technology retailer’s stock valued at $324,000 after buying an additional 211 shares during the period. Crestmont Private Wealth LLC acquired a new position in Best Buy in the second quarter valued at $210,000. Finally, Czech National Bank lifted its holdings in Best Buy by 8.8% in the second quarter. Czech National Bank now owns 36,692 shares of the technology retailer’s stock valued at $3,093,000 after buying an additional 2,962 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 2.4 %

BBY opened at $83.14 on Wednesday. The company has a 50 day moving average of $86.20 and a 200 day moving average of $79.93. The company has a market cap of $17.93 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, topping the consensus estimate of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. During the same period last year, the firm earned $1.15 EPS. Best Buy’s revenue for the quarter was down 6.5% on a year-over-year basis. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend was Thursday, June 20th. Best Buy’s dividend payout ratio is presently 65.85%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the sale, the chairman now owns 8,850 shares in the company, valued at approximately $709,858.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders have sold 3,383,370 shares of company stock worth $288,293,276 in the last three months. 0.59% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BBY shares. Evercore ISI upped their price objective on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. Loop Capital upped their price objective on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a report on Friday, June 7th. DA Davidson upped their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. Wedbush reiterated a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a report on Tuesday, May 28th. Finally, Truist Financial reiterated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a report on Monday, July 1st. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $90.87.

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.