586 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Bank & Trust Co

Bank & Trust Co acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 586 shares of the technology retailer’s stock, valued at approximately $49,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bfsg LLC purchased a new position in Best Buy in the 4th quarter valued at $25,000. Rise Advisors LLC lifted 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 acquired a new position in Best Buy during the fourth quarter worth $27,000. Access Investment Management LLC purchased a new stake in Best Buy in the 4th quarter valued at $27,000. Finally, Palisade Asset Management LLC acquired a new stake in shares of Best Buy in the 1st quarter worth $27,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the transaction, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction dated 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 transaction, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated 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 sale, the chairman now directly owns 8,850 shares in the company, valued at approximately $709,858.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,383,370 shares of company stock worth $288,293,276. Insiders own 0.59% of the company’s stock.

Best Buy Stock Up 2.2 %

Shares of Best Buy stock traded up $1.77 during trading hours on Tuesday, reaching $82.00. 2,846,668 shares of the company were exchanged, compared to its average volume of 3,155,867. The firm has a market cap of $17.69 billion, a PE ratio of 14.36, a PEG ratio of 2.76 and a beta of 1.48. The stock’s fifty day moving average is $86.04 and its 200 day moving average is $79.56. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $93.72. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. During the same period last year, the business earned $1.15 EPS. The company’s revenue was down 6.5% on a year-over-year basis. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared 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 yield of 4.59%. 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 boosted their price target on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, June 7th. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 price objective on shares of Best Buy in a report on Thursday, May 30th. Citigroup raised Best Buy from a “sell” rating to a “buy” rating and raised their target price for the stock from $67.00 to $100.00 in a research note on Monday, June 3rd. Finally, Evercore ISI lifted their target price on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.87.

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.