Best Buy Co., Inc. (NYSE:BBY) Holdings Raised by MCF Advisors LLC

MCF Advisors LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,087 shares of the technology retailer’s stock after purchasing an additional 134 shares during the quarter. MCF Advisors LLC’s holdings in Best Buy were worth $422,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. LPL Financial LLC raised its position in shares of Best Buy by 1.3% in the third quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer’s stock valued at $6,870,000 after purchasing an additional 1,233 shares during the period. Cary Street Partners Investment Advisory LLC grew its stake in shares of Best Buy by 549.1% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 302 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Best Buy by 0.4% in the third quarter. Treasurer of the State of North Carolina now owns 105,500 shares of the technology retailer’s stock worth $7,329,000 after acquiring an additional 386 shares during the last quarter. Bank of Nova Scotia grew its stake in shares of Best Buy by 12.8% in the third quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer’s stock worth $1,334,000 after acquiring an additional 2,174 shares during the last quarter. Finally, Nomura Holdings Inc. acquired a new stake in Best Buy during the third quarter worth $381,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now directly owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,004,149 shares of company stock worth $166,397,807. Corporate insiders own 0.59% of the company’s stock.

Best Buy Trading Down 0.0 %

Shares of Best Buy stock traded down $0.03 on Friday, hitting $84.29. The stock had a trading volume of 3,627,853 shares, compared to its average volume of 4,056,288. The stock has a 50 day moving average of $79.74 and a 200 day moving average of $77.69. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.72. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm has a market capitalization of $18.18 billion, a P/E ratio of 14.76, a PEG ratio of 2.72 and a beta of 1.49.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Thursday, June 20th. Best Buy’s payout ratio is 65.85%.

Analyst Ratings Changes

Several brokerages have recently commented on BBY. Barclays boosted their target price on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Morgan Stanley lifted their price target on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Evercore ISI lifted their price target on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $89.00 to $101.00 in a report on Friday, March 22nd. Finally, Loop Capital boosted their price objective on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, June 7th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $90.87.

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.