Cerity Partners LLC Grows Stake in Best Buy Co., Inc. (NYSE:BBY)

Cerity Partners LLC increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 9.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,304 shares of the technology retailer’s stock after purchasing an additional 567 shares during the quarter. Cerity Partners LLC’s holdings in Best Buy were worth $411,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BBY. BerganKDV Wealth Management LLC lifted its stake in Best Buy by 13,566.7% during the second quarter. BerganKDV Wealth Management LLC now owns 410 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 407 shares during the last quarter. Clear Street Markets LLC lifted its stake in Best Buy by 376.4% during the second quarter. Clear Street Markets LLC now owns 424 shares of the technology retailer’s stock worth $28,000 after purchasing an additional 335 shares during the last quarter. Ellevest Inc. lifted its stake in Best Buy by 91.1% during the second quarter. Ellevest Inc. now owns 472 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 225 shares during the last quarter. Glassman Wealth Services lifted its stake in Best Buy by 242.0% during the second quarter. Glassman Wealth Services now owns 472 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 334 shares during the last quarter. Finally, ACG Wealth acquired a new position in Best Buy during the second quarter worth approximately $32,000. Hedge funds and other institutional investors own 79.86% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Wedbush increased their target price on Best Buy from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, August 31st. Guggenheim cut their price target on Best Buy from $100.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, August 1st. StockNews.com started coverage on Best Buy in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. DA Davidson cut their price target on Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, August 31st. Finally, Piper Sandler cut their price target on Best Buy from $91.00 to $84.00 and set an “overweight” rating on the stock in a report on Monday, August 8th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $84.31.

Best Buy Stock Up 2.9 %

Shares of BBY stock opened at $72.05 on Friday. Best Buy Co., Inc. has a 1 year low of $60.78 and a 1 year high of $141.97. The stock has a market cap of $16.22 billion, a PE ratio of 9.66, a price-to-earnings-growth ratio of 0.64 and a beta of 1.46. The business’s fifty day moving average is $68.01 and its 200-day moving average is $73.44. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.27 and a current ratio of 0.96.

Best Buy (NYSE:BBYGet Rating) last issued its earnings results on Tuesday, August 30th. The technology retailer reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.28. The business had revenue of $10.33 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Best Buy had a return on equity of 57.98% and a net margin of 3.60%. The company’s quarterly revenue was down 12.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.98 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.17 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 11th. Investors of record on Tuesday, September 20th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend was Monday, September 19th. Best Buy’s payout ratio is 47.18%.

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 25,071 shares of Best Buy stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the transaction, the executive vice president now directly owns 50,101 shares in the company, valued at approximately $3,625,809.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Matthew M. Bilunas sold 890 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total value of $70,390.10. Following the completion of the sale, the chief financial officer now owns 59,513 shares of the company’s stock, valued at $4,706,883.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the sale, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at approximately $3,625,809.37. The disclosure for this sale can be found here. Insiders have sold 27,423 shares of company stock worth $1,995,772 in the last three months. 0.44% of the stock is currently owned by insiders.

About Best Buy

(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.

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

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