Choreo LLC Makes New $268,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Choreo LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBYFree Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,268 shares of the technology retailer’s stock, valued at approximately $268,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Raymond James & Associates grew its stake in shares of Best Buy by 10.6% in the first quarter. Raymond James & Associates now owns 2,886,962 shares of the technology retailer’s stock valued at $236,818,000 after acquiring an additional 277,158 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Best Buy by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock valued at $218,527,000 after acquiring an additional 107,926 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Best Buy by 6.4% in the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock valued at $215,499,000 after acquiring an additional 166,478 shares in the last quarter. Norges Bank acquired a new position in shares of Best Buy in the fourth quarter valued at about $165,164,000. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Best Buy by 3.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 1,827,468 shares of the technology retailer’s stock valued at $149,907,000 after acquiring an additional 69,334 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Up 3.7 %

Best Buy stock opened at $85.49 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72. The firm has a 50 day moving average price of $80.68 and a two-hundred day moving average price of $78.01. The firm has a market cap of $18.44 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 2.66 and a beta of 1.48.

Best Buy (NYSE:BBYGet Free Report) last released its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company’s revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.15 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the sale, the chairman now owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 2,000,629 shares of company stock valued at $166,107,653 in the last quarter. 0.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BBY has been the topic of a number of analyst reports. Wedbush reiterated a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a research note on Tuesday, May 28th. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and increased their price objective for the stock from $67.00 to $100.00 in a research note on Monday, June 3rd. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Truist Financial reiterated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a research note on Monday, July 1st. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a research note on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $90.87.

Get Our Latest Stock Analysis on Best Buy

About Best Buy

(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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