Vaughan Nelson Investment Management L.P. Buys Shares of 269,350 Best Buy Co., Inc. (NYSE:BBY)

Vaughan Nelson Investment Management L.P. bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 269,350 shares of the technology retailer’s stock, valued at approximately $22,704,000. Vaughan Nelson Investment Management L.P. owned 0.12% of Best Buy at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Bfsg LLC bought a new stake in shares of Best Buy during the fourth quarter worth $25,000. Rise Advisors LLC grew its stake in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares in the last quarter. Naples Money Management LLC acquired a new stake in Best Buy in the 4th quarter valued at $27,000. Access Investment Management LLC acquired a new position in shares of Best Buy during the 4th quarter worth about $27,000. Finally, Palisade Asset Management LLC bought a new position in shares of Best Buy in the 1st quarter valued at about $27,000. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’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 sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The disclosure for this sale can be found here. Insiders have sold 3,383,370 shares of company stock valued at $288,293,276 over the last 90 days. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Shares of NYSE BBY opened at $85.53 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The firm has a market cap of $18.45 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 2.76 and a beta of 1.48. The stock’s fifty day moving average price is $85.94 and its two-hundred day moving average price is $80.16. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72.

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

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend was Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Analysts Set New Price Targets

Several brokerages recently commented on BBY. Wedbush reissued a “neutral” rating and set a $85.00 price target on shares of Best Buy in a research report on Tuesday, May 28th. Telsey Advisory Group reissued an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research note on Thursday, May 30th. Loop Capital upped their price target on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. DA Davidson increased their price target on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Truist Financial restated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a research note on Monday, July 1st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $90.87.

Best Buy 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.