Advisors Asset Management Inc. Has $4.69 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Advisors Asset Management Inc. cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,203 shares of the technology retailer’s stock after selling 1,038 shares during the quarter. Advisors Asset Management Inc.’s holdings in Best Buy were worth $4,692,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BBY. Bfsg LLC acquired a new stake in Best Buy during the fourth quarter worth about $25,000. Rise Advisors LLC grew its position in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares in the last quarter. Naples Money Management LLC bought a new position in Best Buy during the fourth quarter worth about $27,000. Access Investment Management LLC bought a new position in Best Buy during the fourth quarter worth about $27,000. Finally, Palisade Asset Management LLC bought a new position in Best Buy during the first quarter worth about $27,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,383,370 shares of company stock valued at $288,293,276. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BBY. Loop Capital raised their price target on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. Truist Financial restated a “hold” rating and set a $86.00 price target on shares of Best Buy in a research note on Monday, July 1st. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and raised their price target for the stock from $67.00 to $100.00 in a research note on Monday, June 3rd. Evercore ISI raised their price target 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. Finally, Wedbush restated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a research note on Tuesday, May 28th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

Best Buy Stock Performance

Shares of Best Buy stock remained flat at $87.35 during midday trading on Friday. 1,734,759 shares of the company were exchanged, compared to its average volume of 2,898,491. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a market cap of $18.84 billion, a P/E ratio of 15.29, a price-to-earnings-growth ratio of 2.82 and a beta of 1.48. The company’s fifty day moving average is $84.52 and its two-hundred day moving average is $79.02. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $8.85 billion during 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%. Best Buy’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.15 earnings per share. Sell-side analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date was Thursday, June 20th. Best Buy’s dividend payout ratio 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.