Ritholtz Wealth Management Purchases 935 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ritholtz Wealth Management lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,722 shares of the technology retailer’s stock after purchasing an additional 935 shares during the period. Ritholtz Wealth Management’s holdings in Best Buy were worth $1,325,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. International Assets Investment Management LLC bought a new stake in shares of Best Buy in the 4th quarter worth approximately $5,760,000. Natixis Advisors L.P. boosted its holdings in Best Buy by 23.3% in the fourth quarter. Natixis Advisors L.P. now owns 101,340 shares of the technology retailer’s stock valued at $7,932,000 after acquiring an additional 19,119 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Best Buy during the 4th quarter valued at $434,000. Metis Global Partners LLC raised its holdings in Best Buy by 4.8% in the 4th quarter. Metis Global Partners LLC now owns 13,736 shares of the technology retailer’s stock worth $1,075,000 after purchasing an additional 631 shares in the last quarter. Finally, Spire Wealth Management lifted its position in shares of Best Buy by 7.3% in the 4th quarter. Spire Wealth Management now owns 2,380 shares of the technology retailer’s stock worth $186,000 after purchasing an additional 161 shares during the period. 80.96% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 transaction of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock valued at $122,233,276 over the last three months. Insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $100.40 on Tuesday. The company has a market cap of $21.66 billion, a price-to-earnings ratio of 17.58, a P/E/G ratio of 3.20 and a beta of 1.48. The business’s fifty day simple moving average is $86.16 and its two-hundred day simple moving average is $81.37. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the company posted $1.22 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Research analysts anticipate that Best Buy Co., Inc. will post 6.27 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.75%. Best Buy’s dividend payout ratio is presently 65.85%.

Analyst Ratings Changes

Several equities analysts recently issued reports on BBY shares. Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday. Telsey Advisory Group upped their target price on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday. Citigroup raised their target price on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday. Finally, DA Davidson boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $100.94.

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.