Parallel Advisors LLC Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

Parallel Advisors LLC decreased its position in shares of Best Buy Co., Inc. (NYSE:BBYFree Report) by 20.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,885 shares of the technology retailer’s stock after selling 499 shares during the period. Parallel Advisors LLC’s holdings in Best Buy were worth $148,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BBY. Assenagon Asset Management S.A. grew its holdings in shares of Best Buy by 4.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 13,042 shares of the technology retailer’s stock worth $906,000 after acquiring an additional 497 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Best Buy in the 3rd quarter worth approximately $379,000. Kestra Private Wealth Services LLC boosted its stake in Best Buy by 21.7% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 7,538 shares of the technology retailer’s stock valued at $524,000 after purchasing an additional 1,343 shares during the last quarter. Avantax Advisory Services Inc. boosted its stake in Best Buy by 10.3% during the 3rd quarter. Avantax Advisory Services Inc. now owns 4,718 shares of the technology retailer’s stock valued at $328,000 after purchasing an additional 441 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Best Buy during the 3rd quarter valued at $1,039,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BBY shares. Jefferies Financial Group lowered their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a report on Monday, April 8th. DA Davidson increased their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. Telsey Advisory Group reissued an “outperform” rating and set a $95.00 price target on shares of Best Buy in a report on Thursday, May 30th. TheStreet raised Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. Finally, Barclays increased their price target on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $88.71.

View Our Latest Report on Best Buy

Best Buy Price Performance

NYSE:BBY opened at $87.85 on Wednesday. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The business’s 50-day simple moving average is $76.44 and its two-hundred day simple moving average is $75.63. The stock has a market cap of $19.01 billion, a PE ratio of 15.39, a P/E/G ratio of 2.52 and a beta of 1.49. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $88.06.

Best Buy (NYSE:BBYGet Free Report) last posted its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period last year, the firm earned $1.15 earnings per share. As a group, analysts forecast that Best Buy Co., Inc. will post 6.06 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.28%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Buying and Selling at Best Buy

In other news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares in the company, valued at $2,119,601.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Insiders have sold a total of 2,052,023 shares of company stock valued at $170,313,900 over the last ninety days. 0.59% of the stock is currently owned by company insiders.

Best Buy Profile

(Free Report)

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.

Further Reading

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

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