Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Cypress Capital Group

Cypress Capital Group lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 16.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,883 shares of the technology retailer’s stock after selling 1,149 shares during the quarter. Cypress Capital Group’s holdings in Best Buy were worth $496,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Bfsg LLC bought a new position in Best Buy in the fourth quarter worth about $25,000. Rise Advisors LLC increased its position in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the period. Access Investment Management LLC bought a new stake in Best Buy in the fourth quarter valued at $27,000. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the first quarter valued at $27,000. Finally, PrairieView Partners LLC grew its position in Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Buying and Selling

In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,383,370 shares of company stock valued at $288,293,276. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Wedbush reiterated a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a research note on Tuesday, May 28th. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $106.00 in a research report on Monday, June 17th. DA Davidson upped their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Evercore ISI upped their price objective on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research note on Friday, May 31st. Finally, Truist Financial restated a “hold” rating and set a $86.00 price target on shares of Best Buy in a report on Monday, July 1st. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Stock Performance

Best Buy stock traded up $1.26 during trading hours on Monday, reaching $89.41. 537,978 shares of the company were exchanged, compared to its average volume of 3,038,919. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The stock has a 50-day moving average of $85.84 and a 200 day moving average of $80.55. The firm has a market cap of $19.29 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.15 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were paid a $0.94 dividend. The ex-dividend date was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.21%. Best Buy’s payout ratio is presently 65.85%.

Best Buy 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.