Best Buy Co., Inc. (NYSE:BBY) Position Raised by Stablepoint Partners LLC

Stablepoint Partners LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 15.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,763 shares of the technology retailer’s stock after buying an additional 642 shares during the quarter. Stablepoint Partners LLC’s holdings in Best Buy were worth $492,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Rise Advisors LLC lifted 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 buying an additional 132 shares during the last quarter. Palisade Asset Management LLC bought a new stake in shares of Best Buy during the first quarter valued at about $27,000. Richardson Financial Services Inc. raised its stake in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares in the last quarter. PrairieView Partners LLC raised its stake in shares of Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 151 shares in the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Best Buy during the second quarter valued at about $35,000. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the transaction, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,379,870 shares of company stock worth $121,942,706 over the last three months. 0.59% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BBY shares. Citigroup upped their price target on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wedbush boosted their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Loop Capital boosted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI upped their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Finally, Truist Financial upped their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $102.41.

Best Buy Stock Performance

NYSE:BBY opened at $96.91 on Tuesday. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The stock has a market cap of $20.90 billion, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm’s fifty day simple moving average is $94.17 and its 200 day simple moving average is $85.80.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.22 EPS. As a group, research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.88%. 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.