Best Buy Co., Inc. (NYSE:BBY) Position Boosted by SPC Financial Inc.

SPC Financial Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 43.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,956 shares of the technology retailer’s stock after buying an additional 1,207 shares during the quarter. SPC Financial Inc.’s holdings in Best Buy were worth $325,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BBY. AMF Tjanstepension AB bought a new position in Best Buy during the 1st quarter valued at $8,676,000. Bridgewater Associates LP boosted its stake in Best Buy by 34.9% during the 4th quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after purchasing an additional 50,438 shares in the last quarter. Cerity Partners LLC boosted its stake in Best Buy by 8.4% during the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock valued at $8,100,000 after purchasing an additional 8,042 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new position in Best Buy during the 4th quarter valued at $317,000. Finally, Private Advisor Group LLC bought a new stake in shares of Best Buy during the 4th quarter worth $328,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Up 0.5 %

Shares of BBY opened at $86.01 on Friday. The company has a market capitalization of $18.55 billion, a P/E ratio of 15.06, a PEG ratio of 2.76 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72. The business’s 50 day simple moving average is $81.48 and its 200-day simple moving average is $78.19.

Best Buy (NYSE:BBY) last announced its earnings results 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 return on equity of 47.56% and a net margin of 2.90%. The business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.96 billion. During the same period in the previous year, the business earned $1.15 EPS. Best Buy’s revenue was down 6.5% compared to the same quarter last year. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.37%. The ex-dividend date was Thursday, June 20th. Best Buy’s dividend payout ratio is 65.85%.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Corie S. Barry sold 366 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,004,129 shares of company stock valued at $166,398,223. 0.59% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BBY has been the subject of several research reports. Telsey Advisory Group reissued an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a research note on Thursday, May 30th. Loop Capital raised their price objective on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. DA Davidson raised their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Wedbush restated a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a report on Tuesday, May 28th. Finally, JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and increased their target price for the company from $89.00 to $101.00 in a report on Friday, March 22nd. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $90.87.

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.