Edgestream Partners L.P. Raises Stake in Best Buy Co., Inc. (NYSE:BBY)

Edgestream Partners L.P. boosted its stake in Best Buy Co., Inc. (NYSE:BBYGet Rating) by 102.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,691 shares of the technology retailer’s stock after purchasing an additional 16,032 shares during the quarter. Edgestream Partners L.P.’s holdings in Best Buy were worth $2,066,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of BBY. Metis Global Partners LLC grew its holdings in Best Buy by 78.0% in the first quarter. Metis Global Partners LLC now owns 3,504 shares of the technology retailer’s stock valued at $318,000 after purchasing an additional 1,535 shares during the period. Arizona State Retirement System grew its holdings in Best Buy by 0.4% in the first quarter. Arizona State Retirement System now owns 61,619 shares of the technology retailer’s stock valued at $5,601,000 after purchasing an additional 243 shares during the period. abrdn plc grew its holdings in Best Buy by 31.4% in the first quarter. abrdn plc now owns 194,348 shares of the technology retailer’s stock valued at $18,056,000 after purchasing an additional 46,468 shares during the period. Versor Investments LP purchased a new stake in Best Buy in the first quarter valued at approximately $273,000. Finally, Envestnet Asset Management Inc. lifted its position in Best Buy by 6.5% during the first quarter. Envestnet Asset Management Inc. now owns 432,606 shares of the technology retailer’s stock valued at $39,324,000 after buying an additional 26,223 shares in the last quarter. 79.86% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Trading Up 3.1 %

NYSE BBY opened at $82.39 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.27 and a debt-to-equity ratio of 0.38. The company’s fifty day simple moving average is $68.00 and its 200-day simple moving average is $73.04. The stock has a market cap of $18.55 billion, a P/E ratio of 12.33, a PEG ratio of 0.73 and a beta of 1.46. Best Buy Co., Inc. has a 52 week low of $60.78 and a 52 week high of $121.87.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.35. The business had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.30 billion. Best Buy had a net margin of 3.23% and a return on equity of 57.26%. The business’s revenue was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.08 earnings per share. Equities research analysts predict that Best Buy Co., Inc. will post 6.2 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Monday, December 12th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is presently 52.69%.

Insider Buying and Selling

In related news, EVP Damien Harmon sold 1,308 shares of Best Buy stock in a transaction on Friday, September 9th. The shares were sold at an average price of $76.58, for a total value of $100,166.64. Following the completion of the sale, the executive vice president now owns 44,910 shares in the company, valued at $3,439,207.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Damien Harmon sold 1,308 shares of Best Buy stock in a transaction on Friday, September 9th. The shares were sold at an average price of $76.58, for a total value of $100,166.64. Following the completion of the sale, the executive vice president now owns 44,910 shares in the company, valued at $3,439,207.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kathleen Scarlett sold 25,071 shares of Best Buy stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the completion of the sale, the executive vice president now owns 50,101 shares of the company’s stock, valued at approximately $3,625,809.37. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,533 shares of company stock worth $1,925,382. Insiders own 0.44% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of a number of recent research reports. Wells Fargo & Company reduced their price target on shares of Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 28th. Citigroup lifted their price target on shares of Best Buy from $61.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday. DA Davidson reduced their price target on shares of Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st. The Goldman Sachs Group lifted their price target on shares of Best Buy from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Wedbush lifted their price target on shares of Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $80.75.

Best Buy Profile

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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