Johnson Investment Counsel Inc. Boosts Holdings in Best Buy Co., Inc. (NYSE:BBY)

Johnson Investment Counsel Inc. raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 3.2% during the 2nd quarter, Holdings Channel reports. The firm owned 5,135 shares of the technology retailer’s stock after purchasing an additional 158 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Best Buy were worth $421,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. EA Series Trust purchased a new stake in shares of Best Buy in the second quarter valued at $222,000. Dark Forest Capital Management LP acquired a new position in Best Buy in the first quarter valued at $201,000. O Brien Greene & Co. Inc lifted its position in Best Buy by 163.7% during the second quarter. O Brien Greene & Co. Inc now owns 156,954 shares of the technology retailer’s stock worth $12,862,000 after buying an additional 97,443 shares during the period. New Mexico Educational Retirement Board grew its holdings in Best Buy by 3.2% in the 2nd quarter. New Mexico Educational Retirement Board now owns 9,571 shares of the technology retailer’s stock valued at $784,000 after buying an additional 300 shares during the period. Finally, Brown Advisory Inc. lifted its holdings in shares of Best Buy by 9.5% during the 1st quarter. Brown Advisory Inc. now owns 293,792 shares of the technology retailer’s stock worth $22,995,000 after acquiring an additional 25,514 shares during the period. 76.10% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of BBY stock opened at $68.11 on Tuesday. The firm has a fifty day simple moving average of $68.44 and a 200-day simple moving average of $74.28. The company has a market capitalization of $14.82 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.80 and a beta of 1.53. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.32. The company has a current ratio of 0.98, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.16. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The company had revenue of $9.58 billion during the quarter, compared to the consensus estimate of $9.52 billion. During the same period last year, the firm earned $1.54 earnings per share. The company’s revenue was down 7.2% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.22 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Tuesday, December 12th will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 5.40%. Best Buy’s dividend payout ratio is presently 63.34%.

Analyst Upgrades and Downgrades

BBY has been the subject of several research analyst reports. The Goldman Sachs Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $79.00 to $85.00 in a research report on Thursday, October 19th. Truist Financial cut their target price on Best Buy from $80.00 to $74.00 and set a “buy” rating on the stock in a research report on Thursday, October 5th. DA Davidson boosted their price target on Best Buy from $87.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, August 30th. Wedbush cut their price objective on Best Buy from $82.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, November 10th. Finally, TheStreet raised Best Buy from a “c” rating to a “b-” rating in a research note on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $77.93.

Insider Buying and Selling at Best Buy

In related news, insider Todd G. Hartman sold 7,948 shares of Best Buy stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $69.38, for a total value of $551,432.24. Following the completion of the sale, the insider now owns 13,337 shares in the company, valued at $925,321.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Todd G. Hartman sold 5,000 shares of Best Buy stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $71.18, for a total value of $355,900.00. Following the completion of the transaction, the insider now directly owns 21,285 shares in the company, valued at $1,515,066.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $69.38, for a total value of $551,432.24. Following the sale, the insider now owns 13,337 shares in the company, valued at approximately $925,321.06. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.