Bank of Montreal Can Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Bank of Montreal Can boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 10.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 181,665 shares of the technology retailer’s stock after buying an additional 17,119 shares during the period. Bank of Montreal Can owned approximately 0.08% of Best Buy worth $12,798,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BerganKDV Wealth Management LLC increased its stake in Best Buy by 13,566.7% in 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 period. Clear Street Markets LLC boosted its position in Best Buy by 376.4% during the second quarter. Clear Street Markets LLC now owns 424 shares of the technology retailer’s stock valued at $28,000 after purchasing an additional 335 shares in the last quarter. Ellevest Inc. boosted its position in Best Buy by 91.1% during the second quarter. Ellevest Inc. now owns 472 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 225 shares in the last quarter. Glassman Wealth Services boosted its position in Best Buy by 242.0% during the second quarter. Glassman Wealth Services now owns 472 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 334 shares in the last quarter. Finally, ACG Wealth bought a new stake in Best Buy during the second quarter valued at about $32,000. Hedge funds and other institutional investors own 79.86% of the company’s stock.

Best Buy Stock Up 12.8 %

Shares of BBY stock opened at $79.88 on Wednesday. The stock has a 50 day moving average of $68.00 and a 200 day moving average of $73.04. The company has a current ratio of 0.96, a quick ratio of 0.27 and a debt-to-equity ratio of 0.41. The stock has a market cap of $17.98 billion, a P/E ratio of 10.71, a P/E/G ratio of 0.66 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $60.78 and a twelve month high of $121.87.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.35. The company had revenue of $10.59 billion during the quarter, compared to analysts’ expectations of $10.30 billion. Best Buy had a return on equity of 57.98% and a net margin of 3.60%. Best Buy’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period last year, the business earned $2.08 earnings per share. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.17 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 11th. Investors of record on Tuesday, September 20th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend was Monday, September 19th. Best Buy’s dividend payout ratio is currently 47.18%.

Insider Activity at Best Buy

In related news, EVP Damien Harmon sold 1,308 shares of Best Buy stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the completion of the transaction, the executive vice president now directly owns 44,910 shares in the company, valued at $3,439,207.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the sale, the executive vice president now directly owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were 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 in the company, valued at $3,625,809.37. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,533 shares of company stock worth $1,925,382. 0.44% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BBY shares. Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating and dropped their price objective for the company from $106.00 to $71.00 in a research report on Thursday, July 28th. Wedbush raised their price objective on Best Buy from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, August 31st. StockNews.com assumed coverage on Best Buy in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Piper Sandler decreased their price target on Best Buy from $91.00 to $84.00 and set an “overweight” rating for the company in a research note on Monday, August 8th. Finally, Wells Fargo & Company decreased their price target on Best Buy from $82.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $82.88.

Best Buy Profile

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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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