Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Bowman & Co S.C.

Bowman & Co S.C. reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.2% during the 1st quarter, Holdings Channel reports. The firm owned 10,975 shares of the technology retailer’s stock after selling 476 shares during the quarter. Bowman & Co S.C.’s holdings in Best Buy were worth $900,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bridgewater Associates LP boosted its stake in shares of Best Buy by 34.9% in the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock worth $15,277,000 after acquiring an additional 50,438 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after acquiring an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Best Buy in the fourth quarter worth approximately $317,000. Private Advisor Group LLC acquired a new stake in shares of Best Buy in the fourth quarter worth approximately $328,000. Finally, Principal Securities Inc. acquired a new stake in shares of Best Buy in the fourth quarter worth approximately $341,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders sold 2,004,149 shares of company stock valued at $166,397,807 in the last three months. 0.59% of the stock is owned by corporate insiders.

Best Buy Price Performance

BBY stock opened at $84.26 on Thursday. 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 company has a market capitalization of $18.18 billion, a PE ratio of 14.76, a P/E/G ratio of 2.79 and a beta of 1.49. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $93.72. The business’s fifty day moving average price is $79.24 and its 200 day moving average price is $77.53.

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, beating the consensus estimate of $1.08 by $0.12. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.46%. Best Buy’s payout ratio is 65.85%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of analyst reports. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Jefferies Financial Group reduced their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Evercore ISI lifted their price objective on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. DA Davidson lifted their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, Morgan Stanley lifted their price objective on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $90.87.

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.