AdvisorNet Financial Inc Reduces Stock Position in Best Buy Co., Inc. (NYSE:BBY)

AdvisorNet Financial Inc lowered its position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 12.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,134 shares of the technology retailer’s stock after selling 164 shares during the period. AdvisorNet Financial Inc’s holdings in Best Buy were worth $74,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of Best Buy in the 1st quarter worth about $27,000. Adirondack Trust Co. purchased a new stake in shares of Best Buy in the 1st quarter worth about $30,000. Mascoma Wealth Management LLC lifted its position in shares of Best Buy by 77.9% in the 1st quarter. Mascoma Wealth Management LLC now owns 386 shares of the technology retailer’s stock worth $35,000 after purchasing an additional 169 shares during the period. Concord Wealth Partners lifted its position in shares of Best Buy by 39.4% in the 1st quarter. Concord Wealth Partners now owns 389 shares of the technology retailer’s stock worth $35,000 after purchasing an additional 110 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Best Buy in the 1st quarter worth about $38,000. Hedge funds and other institutional investors own 79.86% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $68.57 on Friday. The company has a 50 day moving average price of $75.71 and a 200-day moving average price of $81.68. Best Buy Co., Inc. has a 52 week low of $64.29 and a 52 week high of $141.97. The firm has a market capitalization of $15.44 billion, a PE ratio of 9.19, a P/E/G ratio of 0.65 and a beta of 1.50. The company has a quick ratio of 0.27, a current ratio of 0.96 and a debt-to-equity ratio of 0.41.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings results on Tuesday, August 30th. The technology retailer reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.27. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. The firm had revenue of $10.33 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same period in the previous year, the business posted $2.98 earnings per share. The business’s revenue for the quarter was down 12.8% on a year-over-year basis. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.17 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 11th. Investors of record on Tuesday, September 20th will be given a dividend of $0.88 per share. The ex-dividend date is Monday, September 19th. This represents a $3.52 annualized dividend and a yield of 5.13%. Best Buy’s dividend payout ratio (DPR) is 47.18%.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 890 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $79.09, for a total transaction of $70,390.10. Following the completion of the sale, the chief financial officer now directly owns 59,513 shares in the company, valued at $4,706,883.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Matthew M. Bilunas sold 890 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $79.09, for a total transaction of $70,390.10. Following the completion of the sale, the chief financial officer now directly owns 59,513 shares in the company, valued at $4,706,883.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Damien Harmon sold 1,308 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $76.58, for a total transaction of $100,166.64. Following the sale, the executive vice president now owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,325 shares of company stock worth $1,988,933. 0.44% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on BBY. Truist Financial raised their target price on shares of Best Buy from $67.00 to $69.00 and gave the stock a “hold” rating in a research report on Wednesday, August 31st. Jefferies Financial Group cut shares of Best Buy from a “buy” rating to a “hold” rating and lowered their price target for the company from $106.00 to $71.00 in a research report on Thursday, July 28th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. The Goldman Sachs Group reissued a “sell” rating and set a $82.00 price target (down from $96.00) on shares of Best Buy in a research report on Tuesday, June 7th. Finally, DA Davidson lowered their price target on shares of Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, August 31st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $86.13.

Best Buy Company Profile

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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