Valley National Advisers Inc. Sells 326 Shares of Best Buy Co., Inc. (NYSE:BBY)

Valley National Advisers Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,533 shares of the technology retailer’s stock after selling 326 shares during the period. Valley National Advisers Inc.’s holdings in Best Buy were worth $1,109,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bfsg LLC bought a new position in Best Buy during the fourth quarter valued at about $25,000. Rise Advisors LLC grew its stake in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. Naples Money Management LLC bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $27,000. Access Investment Management LLC bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $27,000. Finally, Stonebridge Capital Advisors LLC grew its stake in shares of Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 185 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Truist Financial reiterated a “hold” rating and issued a $86.00 price objective on shares of Best Buy in a research note on Monday. Evercore ISI boosted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a report on Friday, May 31st. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Wedbush reissued a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a report on Tuesday, May 28th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

Best Buy Trading Up 0.2 %

Shares of NYSE:BBY opened at $82.33 on Thursday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72. The company has a market capitalization of $17.76 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 2.65 and a beta of 1.48. The company has a 50-day simple moving average of $80.02 and a 200 day simple moving average of $77.83. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last issued its earnings results 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 business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s revenue was down 6.5% on a year-over-year basis. During the same period last year, the business posted $1.15 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be issued a dividend of $0.94 per share. The ex-dividend date is Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.57%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mathew Watson sold 3,520 shares of Best Buy 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 transaction, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,004,149 shares of company stock valued at $166,397,807. 0.59% of the stock is currently owned by company insiders.

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.