Avalon Global Asset Management LLC Buys Shares of 50,000 Best Buy Co., Inc. (NYSE:BBY)

Avalon Global Asset Management LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 50,000 shares of the technology retailer’s stock, valued at approximately $4,215,000. Best Buy comprises about 1.0% of Avalon Global Asset Management LLC’s holdings, making the stock its 25th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Tobam grew its position in shares of Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after buying an additional 121 shares during the last quarter. LVW Advisors LLC increased its stake in Best Buy by 2.3% during the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares in the last quarter. Rise Advisors LLC increased its stake in Best Buy by 69.5% during 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 in the last quarter. MCF Advisors LLC increased its stake in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares in the last quarter. Finally, Continuum Advisory LLC increased its stake in Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after purchasing an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated 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 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 sold 1,383,370 shares of company stock worth $122,233,276 over the last three months. Insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on BBY. Bank of America upped their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. DA Davidson increased their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Citigroup increased their price objective on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Loop Capital increased their price objective on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.56.

Best Buy Stock Performance

BBY opened at $97.27 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $20.98 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The firm’s fifty day simple moving average is $90.15 and its two-hundred day simple moving average is $83.45.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $1.22 earnings per share. Equities analysts anticipate that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

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.