Stonebrook Private Inc. Purchases 1,486 Shares of Best Buy Co., Inc. (NYSE:BBY)

Stonebrook Private Inc. grew its position in Best Buy Co., Inc. (NYSE:BBY) by 8.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,967 shares of the technology retailer’s stock after buying an additional 1,486 shares during the period. Stonebrook Private Inc.’s holdings in Best Buy were worth $1,683,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Tobam raised its position in shares of Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares during the last quarter. LVW Advisors LLC raised its position in Best Buy by 2.3% during the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after buying an additional 130 shares during the last quarter. Rise Advisors LLC raised its position in Best Buy by 69.5% during the 1st 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 last quarter. MCF Advisors LLC raised its position in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after buying an additional 134 shares during the last quarter. Finally, Continuum Advisory LLC raised its position in Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after buying an additional 149 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock valued at $122,233,276 in the last 90 days. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

Best Buy stock traded down $0.91 during trading on Friday, reaching $98.50. The company had a trading volume of 2,463,218 shares, compared to its average volume of 3,125,065. The firm’s 50-day simple moving average is $87.35 and its 200 day simple moving average is $81.99. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a market capitalization of $21.25 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 3.20 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the company earned $1.22 EPS. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.27 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 3.82%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Citigroup raised their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Barclays raised their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Telsey Advisory Group raised their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, Truist Financial lifted their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $102.56.

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.