Avantax Advisory Services Inc. Has $558,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Avantax Advisory Services Inc. trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 8.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,575 shares of the technology retailer’s stock after selling 663 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Best Buy were worth $558,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Pinnacle Bancorp Inc. lifted its holdings in shares of Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy in the fourth quarter valued at about $31,000. Ancora Advisors LLC boosted its stake in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the period. Grove Bank & Trust boosted its holdings in Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 173 shares during the period. Finally, LRI Investments LLC raised its holdings in Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after acquiring an additional 141 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling at Best Buy

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

Analyst Ratings Changes

BBY has been the topic of a number of recent analyst reports. Loop Capital decreased their target price on Best Buy from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. Wedbush dropped their target price on shares of Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 30th. Wells Fargo & Company cut their target price 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. Guggenheim reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Tuesday, June 10th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $75.00 price target (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Best Buy presently has an average rating of “Hold” and an average target price of $85.72.

Best Buy Stock Up 1.2%

Shares of NYSE:BBY opened at $67.03 on Wednesday. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The stock has a market cap of $14.17 billion, a P/E ratio of 16.39, a PEG ratio of 1.75 and a beta of 1.21. The business has a fifty day moving average of $69.15 and a two-hundred day moving average of $73.05. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $8.77 billion. During the same quarter in the prior year, the company earned $1.20 EPS. Best Buy’s revenue 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 year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.7%. Best Buy’s dividend payout ratio is 92.91%.

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.