12,901 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Perpetual Ltd

Perpetual Ltd purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 12,901 shares of the technology retailer’s stock, valued at approximately $1,333,000.

Other institutional investors have also recently bought and sold shares of the company. AMF Tjanstepension AB purchased a new position in Best Buy in the 1st quarter worth about $8,676,000. GAMMA Investing LLC increased its stake in Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Best Buy by 214.4% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 426,430 shares of the technology retailer’s stock worth $33,381,000 after purchasing an additional 290,812 shares in the last quarter. Finally, M&G Plc purchased a new position in Best Buy in the 1st quarter worth about $8,608,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BBY shares. Telsey Advisory Group lifted their target price on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. The Goldman Sachs Group lifted their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Melius Research started coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, Truist Financial lifted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Down 0.1 %

Shares of Best Buy stock opened at $97.47 on Friday. The stock has a 50-day simple moving average of $93.53 and a 200-day simple moving average of $85.51. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market cap of $20.93 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the company earned $1.22 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.86%. Best Buy’s dividend payout ratio (DPR) is currently 64.83%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,379,870 shares of company stock worth $121,942,706. 0.59% of the stock is currently owned by insiders.

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.