MBB Public Markets I LLC Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

MBB Public Markets I LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 12,417 shares of the technology retailer’s stock, valued at approximately $1,047,000.

Several other institutional investors also recently modified their holdings of the business. TD Asset Management Inc lifted its holdings in Best Buy by 62.6% in the fourth quarter. TD Asset Management Inc now owns 127,023 shares of the technology retailer’s stock valued at $9,943,000 after buying an additional 48,912 shares during the period. Focus Financial Network Inc. ADV acquired a new position in Best Buy in the fourth quarter valued at approximately $265,000. Dorsey & Whitney Trust CO LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $270,000. Bank of Nova Scotia lifted its holdings in Best Buy by 32.2% in the fourth quarter. Bank of Nova Scotia now owns 25,393 shares of the technology retailer’s stock valued at $1,988,000 after buying an additional 6,187 shares during the period. Finally, Eagle Asset Management Inc. acquired a new position in Best Buy in the fourth quarter valued at approximately $862,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

BBY has been the topic of several analyst reports. Melius Research initiated coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. UBS Group upped their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Bank of America upped their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Wedbush upped their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group upped their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.41.

Best Buy Stock Performance

Shares of BBY opened at $103.30 on Tuesday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The firm has a fifty day simple moving average of $91.60 and a 200 day simple moving average of $84.48. The stock has a market capitalization of $22.28 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 2.56 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. Research analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Insider Buying and Selling

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The shares were 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 owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The shares were 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 owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,383,370 shares of company stock worth $122,233,276. 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.