Thurston Springer Miller Herd & Titak Inc. Decreases Stake in Best Buy Co., Inc. (NYSE:BBY)

Thurston Springer Miller Herd & Titak Inc. lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 10.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 979 shares of the technology retailer’s stock after selling 112 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Best Buy were worth $101,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Rise Advisors LLC lifted its stake in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in Best Buy during the first quarter worth approximately $27,000. Richardson Financial Services Inc. lifted its stake in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the last quarter. PrairieView Partners LLC lifted its stake in Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in Best Buy during the second quarter worth approximately $35,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 0.7 %

Shares of BBY stock opened at $97.57 on Wednesday. The business’s fifty day moving average price is $94.48 and its 200 day moving average price is $85.91. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a market capitalization of $21.05 billion, a PE ratio of 17.09, a P/E/G ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping 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 analyst estimates of $9.23 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.85%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Analysts Set New Price Targets

BBY has been the subject of several recent analyst reports. Piper Sandler restated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Loop Capital boosted their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective for the company. DA Davidson reiterated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday. Finally, Truist Financial boosted their price objective on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Insider Buying and Selling at Best Buy

In other Best Buy 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 value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy 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 value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the sale, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,379,870 shares of company stock valued at $121,942,706. Insiders own 0.59% of the company’s stock.

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.