Brookstone Capital Management Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Brookstone Capital Management lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,917 shares of the technology retailer’s stock after buying an additional 840 shares during the period. Brookstone Capital Management’s holdings in Best Buy were worth $1,024,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BBY. Transcendent Capital Group LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at $39,000. Royal London Asset Management Ltd. increased its holdings in shares of Best Buy by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 78,100 shares of the technology retailer’s stock worth $6,114,000 after buying an additional 3,832 shares during the period. Spartan Planning & Wealth Management bought a new stake in shares of Best Buy in the 4th quarter valued at about $41,000. Leo Wealth LLC purchased a new stake in Best Buy during the 4th quarter valued at about $215,000. Finally, HighPoint Advisor Group LLC purchased a new stake in Best Buy during the 4th quarter valued at about $231,000. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,379,870 shares of company stock valued at $121,942,706. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Stock Down 0.1 %

NYSE:BBY opened at $97.44 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm’s 50-day moving average price is $93.84 and its 200-day moving average price is $85.67. The company has a market capitalization of $20.92 billion, a PE ratio of 16.80, a P/E/G ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping 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 business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the company earned $1.22 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Analysts Set New Price Targets

A number of equities analysts have commented on BBY shares. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Thursday. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Citigroup upped their price objective on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Company 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.