Resonant Capital Advisors LLC Acquires New Position in Best Buy Co., Inc. (NYSE:BBY)

Resonant Capital Advisors LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,959 shares of the technology retailer’s stock, valued at approximately $204,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. AMF Tjanstepension AB purchased a new position in Best Buy in the 1st quarter valued at approximately $8,676,000. GAMMA Investing LLC raised its stake in shares of Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after buying an additional 898 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after buying an additional 7,663 shares in the last quarter. M&G Plc acquired a new stake in Best Buy in the 1st quarter valued at about $8,608,000. Finally, Van ECK Associates Corp increased its holdings in Best Buy by 21.9% during the 1st quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock valued at $9,715,000 after acquiring an additional 21,258 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BBY shares. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Truist Financial upped their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Melius Research started coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target for the company. Citigroup upped their price objective on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Price Performance

Best Buy stock opened at $93.17 on Tuesday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a 50 day moving average price of $95.60 and a 200 day moving average price of $86.36. The company has a market cap of $20.10 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.04%. Best Buy’s dividend payout ratio (DPR) is 65.85%.

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.