Best Buy Co., Inc. (NYSE:BBY) Stock Position Decreased by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV trimmed its stake in Best Buy Co., Inc. (NYSE:BBY) by 9.7% during the first quarter, Holdings Channel reports. The fund owned 6,565 shares of the technology retailer’s stock after selling 703 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Best Buy were worth $539,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Bfsg LLC bought a new position in shares of Best Buy in the 4th quarter valued at approximately $25,000. Rise Advisors LLC raised its stake in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares in the last quarter. Naples Money Management LLC bought a new position in shares of Best Buy in the 4th quarter valued at approximately $27,000. Access Investment Management LLC bought a new position in Best Buy in the 4th quarter worth approximately $27,000. Finally, Hartford Financial Management Inc. increased its position in Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after buying an additional 140 shares during the period. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BBY. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $106.00 in a research report on Monday, June 17th. Wedbush reaffirmed a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a research report on Tuesday, May 28th. Evercore ISI lifted their price target on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. Telsey Advisory Group reissued an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a report on Thursday, May 30th. Finally, Truist Financial reissued a “hold” rating and set a $86.00 price objective on shares of Best Buy in a report on Monday. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Price Performance

Best Buy stock traded up $0.44 on Wednesday, reaching $82.61. The company’s stock had a trading volume of 601,247 shares, compared to its average volume of 3,158,838. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The company has a market cap of $17.82 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 2.72 and a beta of 1.48. The business’s fifty day moving average price is $80.02 and its 200 day moving average price is $77.83. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.72.

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

Best Buy Dividend Announcement

The company also recently announced 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. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.55%. Best Buy’s payout ratio is currently 65.85%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the sale, the chairman now owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the sale, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The disclosure for this sale can be found here. Insiders sold a total of 2,004,149 shares of company stock worth $166,397,807 over the last 90 days. 0.59% of the stock is owned by insiders.

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.