Farther Finance Advisors LLC Grows Stake in Best Buy Co., Inc. (NYSE:BBY)

Farther Finance Advisors LLC boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 35.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,940 shares of the technology retailer’s stock after purchasing an additional 1,828 shares during the quarter. Farther Finance Advisors LLC’s holdings in Best Buy were worth $516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BBY. Rakuten Securities Inc. increased its holdings in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new position in Best Buy during the 4th quarter worth $31,000. Atlas Capital Advisors Inc. increased its holdings in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC increased its holdings in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the period. Finally, OFI Invest Asset Management purchased a new position in Best Buy during the 4th quarter worth $34,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. Citigroup restated a “neutral” rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Piper Sandler cut their price target on Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Truist Financial lifted their price target on Best Buy from $64.00 to $69.00 and gave the company a “hold” rating in a report on Friday, May 30th. UBS Group cut their price target on Best Buy from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, May 30th. Finally, Wells Fargo & Company cut their price target on Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $86.11.

Best Buy Stock Down 4.1%

Shares of BBY stock opened at $69.57 on Monday. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The stock’s fifty day moving average price is $67.81 and its 200 day moving average price is $77.53. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market cap of $14.70 billion, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same period in the previous year, the business earned $1.20 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.46%. Best Buy’s dividend payout ratio is currently 92.91%.

Insiders Place Their Bets

In other Best Buy news, EVP Kathleen Scarlett sold 6,847 shares of Best Buy stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $497,434.55. Following the completion of the sale, the executive vice president now owns 87,389 shares of the company’s stock, valued at approximately $6,348,810.85. The trade was a 7.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 804,374 shares of company stock valued at $58,735,581. 0.47% of the stock is owned by company insiders.

Best Buy Company Profile

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.