Cornercap Investment Counsel Inc. Sells 185 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cornercap Investment Counsel Inc. lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,322 shares of the technology retailer’s stock after selling 185 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Best Buy were worth $2,134,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Tobam lifted its holdings in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after acquiring an additional 121 shares during the period. LVW Advisors LLC increased its position in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after buying an additional 130 shares during the last quarter. Rise Advisors LLC increased its position in Best Buy by 69.5% in 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 during the last quarter. MCF Advisors LLC increased its position in Best Buy by 2.7% in the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after buying an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC increased its position in Best Buy by 34.7% in the second quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after buying an additional 149 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders sold 1,383,370 shares of company stock valued at $122,233,276. Insiders own 0.59% of the company’s stock.

Best Buy Price Performance

NYSE:BBY opened at $97.60 on Thursday. The firm’s fifty day moving average is $88.25 and its two-hundred day moving average is $82.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The firm has a market cap of $21.05 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.22 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a $0.94 dividend. The ex-dividend date is Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.85%. Best Buy’s dividend payout ratio is presently 65.85%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BBY. Loop Capital lifted their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Citigroup boosted their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, DA Davidson boosted their target price on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $102.56.

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.