Lazard Asset Management LLC Increases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Lazard Asset Management LLC lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 126.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,723 shares of the technology retailer’s stock after buying an additional 66,943 shares during the quarter. Lazard Asset Management LLC owned approximately 0.06% of Best Buy worth $9,820,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bfsg LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $25,000. Rise Advisors LLC raised its stake in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares in the last quarter. Palisade Asset Management LLC purchased a new stake in Best Buy in the first quarter valued at approximately $27,000. Naples Money Management LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $27,000. Finally, Access Investment Management LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $27,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BBY shares. Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and raised their target price for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Wedbush reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a research note on Tuesday, May 28th. Jefferies Financial Group reduced their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Evercore ISI increased their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. Finally, Truist Financial reiterated a “hold” rating and set a $86.00 price target on shares of Best Buy in a research report on Monday, July 1st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.87.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,383,370 shares of company stock worth $288,293,276. 0.59% of the stock is owned by company insiders.

Best Buy Price Performance

Shares of NYSE:BBY remained flat at $87.35 during mid-day trading on Friday. The company had a trading volume of 1,734,759 shares, compared to its average volume of 2,898,491. The stock’s 50 day simple moving average is $84.52 and its 200 day simple moving average is $79.05. The company has a market capitalization of $18.84 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.82 and a beta of 1.48. 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 Co., Inc. has a 52 week low of $62.30 and a 52 week high of $93.72.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.30%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

About Best Buy

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.