1834 Investment Advisors Co. Purchases 20,569 Shares of Best Buy Co., Inc. (NYSE:BBY)

1834 Investment Advisors Co. grew its position in Best Buy Co., Inc. (NYSE:BBY) by 171.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,590 shares of the technology retailer’s stock after acquiring an additional 20,569 shares during the period. 1834 Investment Advisors Co.’s holdings in Best Buy were worth $2,673,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. LPL Financial LLC lifted its stake in shares of Best Buy by 1.3% during the 3rd quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer’s stock worth $6,870,000 after buying an additional 1,233 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of Best Buy by 12.8% during the 3rd quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer’s stock worth $1,334,000 after buying an additional 2,174 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Best Buy by 1,290.3% during the 3rd quarter. Lazard Asset Management LLC now owns 150,296 shares of the technology retailer’s stock worth $10,440,000 after buying an additional 139,486 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in shares of Best Buy by 31.1% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 123,100 shares of the technology retailer’s stock worth $8,552,000 after buying an additional 29,200 shares during the last quarter. Finally, Lido Advisors LLC lifted its stake in shares of Best Buy by 21.4% during the 3rd quarter. Lido Advisors LLC now owns 4,392 shares of the technology retailer’s stock worth $305,000 after buying an additional 775 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BBY. Truist Financial restated a “hold” rating and set a $86.00 target price on shares of Best Buy in a research note on Monday, July 1st. Wedbush reiterated a “neutral” rating and issued a $85.00 price objective on shares of Best Buy in a research note on Tuesday, May 28th. Evercore ISI lifted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Finally, Jefferies Financial Group dropped their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the sale, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,004,149 shares of company stock valued at $166,397,807. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

Shares of Best Buy stock traded up $0.12 during midday trading on Friday, hitting $82.45. 3,627,790 shares of the company traded hands, compared to its average volume of 3,069,941. The stock has a market cap of $17.79 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 2.65 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm’s fifty day moving average price is $80.47 and its 200-day moving average price is $77.93. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.12. The company had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The firm’s revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.15 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

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.