Tompkins Financial Corp Buys New Shares in Best Buy Co., Inc. (NYSE:BBY)

Tompkins Financial Corp bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 650 shares of the technology retailer’s stock, valued at approximately $48,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after acquiring an additional 395,415 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Best Buy in the 4th quarter valued at approximately $514,483,000. Geode Capital Management LLC lifted its position in shares of Best Buy by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after acquiring an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,951 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the transaction, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. This trade represents a 12.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares in the company, valued at $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of BBY opened at $66.25 on Friday. The company’s fifty day moving average is $67.25 and its 200-day moving average is $78.93. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The firm has a market cap of $14.02 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the prior year, the business posted $1.20 EPS. Best Buy’s quarterly revenue was down .9% on a year-over-year basis. Equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.74%. Best Buy’s payout ratio is presently 88.99%.

Analysts Set New Price Targets

Several equities research analysts recently commented on BBY shares. Morgan Stanley reduced their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Evercore ISI reduced their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Barclays reduced their price target on shares of Best Buy from $89.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday. Jefferies Financial Group reduced their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Wedbush dropped their price objective on shares of Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $86.11.

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.