Mackenzie Financial Corp Lowers Stake in Best Buy Co., Inc. (NYSE:BBY)

Mackenzie Financial Corp decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,023 shares of the technology retailer’s stock after selling 815 shares during the quarter. Mackenzie Financial Corp’s holdings in Best Buy were worth $3,795,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Rise Advisors LLC lifted its stake in Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares in the last quarter. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the first quarter valued at approximately $27,000. Richardson Financial Services Inc. grew its holdings in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares in the last quarter. PrairieView Partners LLC increased its stake in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the period. Finally, Innealta Capital LLC acquired a new stake in Best Buy during the 2nd quarter worth approximately $35,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Down 1.9 %

Shares of NYSE:BBY opened at $101.34 on Wednesday. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The stock has a market cap of $21.86 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.56 and a beta of 1.46. The firm has a fifty day moving average price of $91.85 and a 200 day moving average price of $84.65.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 earnings per share. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the sale, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock worth $122,233,276 in the last three months. Insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of several analyst reports. Barclays increased their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Wedbush boosted their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Truist Financial boosted their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. Loop Capital raised their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.41.

About Best Buy

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.