Saxon Interests Inc. Has $783,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Saxon Interests Inc. raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 28.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,284 shares of the technology retailer’s stock after buying an additional 2,066 shares during the period. Saxon Interests Inc.’s holdings in Best Buy were worth $783,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. Bfsg LLC bought a new position in shares of Best Buy during the 4th quarter valued at $25,000. Rise Advisors LLC raised its holdings in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares in the last quarter. Naples Money Management LLC bought a new position in shares of Best Buy during the 4th quarter valued at $27,000. Access Investment Management LLC bought a new position in shares of Best Buy during the 4th quarter valued at $27,000. Finally, Palisade Asset Management LLC bought a new position in shares of Best Buy during the 1st quarter valued at $27,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the transaction, the chairman now directly owns 8,850 shares in the company, valued at $709,858.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the transaction, the chairman now directly owns 8,850 shares in the company, valued at $709,858.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction dated 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 $4,210,276.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,383,370 shares of company stock worth $288,293,276. Corporate insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BBY. Telsey Advisory Group restated an “outperform” rating and set a $95.00 price target on shares of Best Buy in a report on Thursday, May 30th. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Wedbush reiterated a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a report on Tuesday, May 28th. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and lifted their target price for the stock from $67.00 to $100.00 in a report on Monday, June 3rd. Finally, Evercore ISI lifted their target price on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a report on Friday, May 31st. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $90.87.

Best Buy Stock Performance

NYSE BBY traded up $1.18 during midday trading on Friday, hitting $85.24. The company had a trading volume of 1,919,730 shares, compared to its average volume of 3,095,148. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a fifty day simple moving average of $85.94 and a two-hundred day simple moving average of $80.11. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72. The stock has a market cap of $18.39 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 2.76 and a beta of 1.48.

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

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were given a dividend of $0.94 per share. The ex-dividend date was Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.41%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

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.