ICA Group Wealth Management LLC trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 23.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,650 shares of the technology retailer’s stock after selling 805 shares during the quarter. ICA Group Wealth Management LLC’s holdings in Best Buy were worth $207,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of BBY. Norges Bank bought a new position in Best Buy in the fourth quarter worth $161,121,000. Federated Hermes Inc. lifted its position in Best Buy by 361.1% in the first quarter. Federated Hermes Inc. now owns 1,720,184 shares of the technology retailer’s stock worth $134,639,000 after purchasing an additional 1,347,137 shares during the period. Renaissance Technologies LLC lifted its position in Best Buy by 1,079.7% in the first quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer’s stock worth $104,154,000 after purchasing an additional 1,217,900 shares during the period. Capital World Investors acquired a new position in Best Buy during the first quarter worth $99,081,000. Finally, Schonfeld Strategic Advisors LLC raised its stake in Best Buy by 1,155.7% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,054,536 shares of the technology retailer’s stock worth $84,584,000 after acquiring an additional 970,559 shares in the last quarter. 76.10% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Best Buy news, Chairman Richard M. Schulze sold 100,000 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $85.24, for a total value of $8,524,000.00. Following the transaction, the chairman now directly owns 349,448 shares in the company, valued at $29,786,947.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman Richard M. Schulze sold 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $82.90, for a total value of $20,725,000.00. Following the sale, the chairman now owns 390,148 shares of the company’s stock, valued at $32,343,269.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $85.24, for a total transaction of $8,524,000.00. Following the completion of the sale, the chairman now directly owns 349,448 shares in the company, valued at approximately $29,786,947.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 384,191 shares of company stock worth $32,028,728. 0.56% of the stock is owned by insiders.
Best Buy Price Performance
Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.16. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. The firm had revenue of $9.58 billion during the quarter, compared to the consensus estimate of $9.52 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The business’s revenue was down 7.2% compared to the same quarter last year. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.23 EPS for the current year.
Best Buy Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 5.03%. The ex-dividend date is Monday, September 18th. Best Buy’s dividend payout ratio (DPR) is presently 63.34%.
Analysts Set New Price Targets
Several research firms have issued reports on BBY. SpectralCast reiterated a “maintains” rating on shares of Best Buy in a research note on Friday, May 26th. Truist Financial increased their price objective on Best Buy from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, August 30th. Morgan Stanley increased their price objective on Best Buy from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 31st. Telsey Advisory Group raised their target price on Best Buy from $78.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, August 30th. Finally, Guggenheim restated a “buy” rating and issued a $86.00 target price on shares of Best Buy in a research note on Wednesday, August 30th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.
About Best Buy
Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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