Mutual of America Capital Management LLC Has $1.67 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Mutual of America Capital Management LLC lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,641 shares of the technology retailer’s stock after selling 780 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Best Buy were worth $1,667,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Pinnacle Bancorp Inc. raised its stake in Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 178 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy during the 4th quarter worth $31,000. Atlas Capital Advisors Inc. grew its position 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 acquiring an additional 243 shares during the last quarter. Ancora Advisors LLC grew its position 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 acquiring an additional 374 shares during the last quarter. Finally, Grove Bank & Trust grew its position in Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 0.2%

BBY stock opened at $67.51 on Monday. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The business’s 50 day moving average price is $70.41 and its two-hundred day moving average price is $74.39. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 1.78 and a beta of 1.24.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.77 billion. During the same period in the previous year, the firm posted $1.20 EPS. The business’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were given a $0.95 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.63%. Best Buy’s dividend payout ratio (DPR) is presently 92.91%.

Analyst Ratings Changes

BBY has been the topic of a number of recent analyst reports. Barclays dropped their price objective on Best Buy from $89.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Friday, May 30th. Wedbush reduced their price target on Best Buy from $75.00 to $70.00 and set a “neutral” rating for the company in a research 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 research report on Friday, May 30th. Loop Capital dropped their price objective on Best Buy from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Finally, Citigroup reaffirmed a “neutral” rating and set a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $85.72.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.59% of the stock is owned by 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.