Wealth Enhancement Advisory Services LLC Acquires 4,420 Shares of Best Buy Co., Inc. (NYSE:BBY)

Wealth Enhancement Advisory Services LLC boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 89,984 shares of the technology retailer’s stock after buying an additional 4,420 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Best Buy were worth $7,381,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in BBY. LPL Financial LLC raised its holdings in shares of Best Buy by 1.3% in the 3rd quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer’s stock worth $6,870,000 after purchasing an additional 1,233 shares during the period. Bank of Nova Scotia lifted its position in shares of Best Buy by 12.8% during the 3rd quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer’s stock valued at $1,334,000 after buying an additional 2,174 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Best Buy by 2,043.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 60,734 shares of the technology retailer’s stock worth $4,219,000 after acquiring an additional 57,900 shares during the period. Lazard Asset Management LLC increased its holdings in Best Buy by 1,290.3% in the 3rd quarter. Lazard Asset Management LLC now owns 150,296 shares of the technology retailer’s stock worth $10,440,000 after acquiring an additional 139,486 shares during the last quarter. Finally, AXQ Capital LP bought a new stake in Best Buy in the 3rd quarter valued at about $632,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BBY. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Wedbush reissued a “neutral” rating and set a $85.00 target price on shares of Best Buy in a report on Tuesday, May 28th. Evercore ISI raised their price target on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a report on Friday, May 31st. Jefferies Financial Group reduced their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Finally, DA Davidson increased their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $90.87.

Best Buy Stock Performance

Best Buy stock opened at $84.29 on Monday. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The stock has a market cap of $18.18 billion, a P/E ratio of 14.76, a price-to-earnings-growth ratio of 2.72 and a beta of 1.49. The firm’s fifty day moving average price is $79.74 and its 200-day moving average price is $77.76.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company’s revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 earnings per share. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.46%. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,004,149 shares of company stock valued at $166,397,807. Insiders own 0.59% of the company’s stock.

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.