Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Avanza Fonder AB

Avanza Fonder AB trimmed its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,710 shares of the technology retailer’s stock after selling 827 shares during the quarter. Avanza Fonder AB’s holdings in Best Buy were worth $1,568,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new stake in Best Buy during the fourth quarter valued at about $32,000. Atlas Capital Advisors Inc. boosted its holdings in shares of Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after buying an additional 243 shares during the period. Finally, Ancora Advisors LLC increased its position in shares of Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 374 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman now owns 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 807,556 shares of company stock worth $58,962,426. 0.47% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wedbush reduced their price target on shares of Best Buy from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. Wells Fargo & Company reduced their target price on Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a report on Friday, May 30th. JPMorgan Chase & Co. decreased their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Piper Sandler dropped their price target on Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a research report on Friday, May 30th. Finally, Bank of America decreased their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $86.11.

Best Buy Stock Down 3.0%

Best Buy stock opened at $72.63 on Thursday. The company has a market capitalization of $15.37 billion, a P/E ratio of 12.42, a P/E/G ratio of 2.10 and a beta of 1.25. The firm’s fifty day simple moving average is $67.31 and its 200-day simple moving average is $77.95. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business’s revenue was down .9% compared to the same quarter last year. During the same period last year, the company earned $1.20 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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 issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.23%. The ex-dividend date is Wednesday, June 18th. Best Buy’s dividend payout ratio is currently 92.91%.

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.