Soltis Investment Advisors LLC Has $890,000 Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Soltis Investment Advisors LLC trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 75.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,849 shares of the technology retailer’s stock after selling 33,094 shares during the quarter. Soltis Investment Advisors LLC’s holdings in Best Buy were worth $890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Norges Bank bought a new stake in shares of Best Buy in the fourth quarter valued at approximately $165,164,000. Epoch Investment Partners Inc. boosted its holdings in Best Buy by 11,586.7% in the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after purchasing an additional 680,257 shares during the period. KBC Group NV grew its position in Best Buy by 320.4% in the 4th quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock worth $67,352,000 after purchasing an additional 655,750 shares during the last quarter. Swedbank AB bought a new position in shares of Best Buy during the 1st quarter worth about $43,522,000. Finally, Mairs & Power Inc. raised its position in shares of Best Buy by 9,155.1% during the fourth quarter. Mairs & Power Inc. now owns 532,167 shares of the technology retailer’s stock valued at $41,658,000 after buying an additional 526,417 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Activity

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at $709,858.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at $709,858.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated 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 3,383,370 shares of company stock valued at $288,293,276. 0.59% of the stock is currently owned by insiders.

Best Buy Price Performance

Shares of BBY traded down $3.31 during mid-day trading on Friday, hitting $82.36. 2,875,392 shares of the company traded hands, compared to its average volume of 3,127,221. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average of $85.87 and a 200 day moving average of $79.38. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72. The stock has a market capitalization of $17.77 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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 analyst estimates of $8.96 billion. During the same period last year, the company earned $1.15 EPS. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. As a group, equities analysts expect 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 was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were given 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 yield of 4.57%. Best Buy’s payout ratio is presently 65.85%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BBY. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and boosted their price target for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Jefferies Financial Group cut 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. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research report on Thursday, May 30th. Evercore ISI boosted their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. Finally, UBS Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus 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.