Pacifica Capital Investments LLC Sells 1,500 Shares of Best Buy Co., Inc. (NYSE:BBY)

Pacifica Capital Investments LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 17.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,150 shares of the technology retailer’s stock after selling 1,500 shares during the quarter. Best Buy makes up about 0.2% of Pacifica Capital Investments LLC’s portfolio, making the stock its 16th biggest position. Pacifica Capital Investments LLC’s holdings in Best Buy were worth $587,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Rise Advisors LLC boosted its position in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares in the last quarter. MCF Advisors LLC lifted its holdings in shares of Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares during the last quarter. Hartford Financial Management Inc. lifted its holdings in shares of Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 140 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Best Buy by 4.0% during the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock valued at $301,000 after purchasing an additional 148 shares during the last quarter. Finally, Avory & Company LLC lifted its holdings in shares of Best Buy by 2.6% during the 4th quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock valued at $471,000 after purchasing an additional 154 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of several analyst reports. Evercore ISI increased their price objective on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. Jefferies Financial Group reduced their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Loop Capital raised their target price on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Finally, DA Davidson raised their target price on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus target price of $90.87.

Insider Activity

In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The disclosure for this sale can be found here. Insiders have sold 2,004,129 shares of company stock worth $166,398,223 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE BBY traded down $0.86 during trading on Wednesday, reaching $85.56. 3,623,018 shares of the company traded hands, compared to its average volume of 3,188,281. The firm’s fifty day simple moving average is $81.21 and its 200 day simple moving average is $78.14. The stock has a market cap of $18.46 billion, a P/E ratio of 14.98, a PEG 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 posted its earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. During the same period last year, the firm earned $1.15 EPS. The company’s quarterly revenue was down 6.5% on a year-over-year basis. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

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.