Gateway Investment Advisers LLC Purchases 1,004 Shares of Best Buy Co., Inc. (NYSE:BBY)

Gateway Investment Advisers LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 10.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,043 shares of the technology retailer’s stock after buying an additional 1,004 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Best Buy were worth $813,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BBY. Impact Capital Partners LLC purchased a new position in shares of Best Buy in the first quarter valued at $415,000. Procyon Advisors LLC purchased a new position in shares of Best Buy in the first quarter valued at $413,000. Stablepoint Partners LLC grew its position in shares of Best Buy by 66.7% in the first quarter. Stablepoint Partners LLC now owns 10,757 shares of the technology retailer’s stock valued at $792,000 after purchasing an additional 4,303 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Best Buy by 41.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 5,799 shares of the technology retailer’s stock valued at $427,000 after purchasing an additional 1,703 shares in the last quarter. Finally, Viking Fund Management LLC grew its position in shares of Best Buy by 25.0% in the first quarter. Viking Fund Management LLC now owns 2,500 shares of the technology retailer’s stock valued at $184,000 after purchasing an additional 500 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. The trade was a 13.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 9,482 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $688,867.30. Following the completion of the sale, the chief financial officer now directly owns 106,856 shares of the company’s stock, valued at approximately $7,763,088.40. This trade represents a 8.15% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

BBY opened at $73.03 on Monday. The stock has a 50-day moving average price of $66.87 and a 200-day moving average price of $78.12. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $15.46 billion, a P/E ratio of 12.48, a PEG ratio of 2.10 and a beta of 1.25.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.20%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s payout ratio is currently 92.91%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Loop Capital reduced their price target on Best Buy from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, May 30th. Wells Fargo & Company reduced their price target on Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a research report on Friday, May 30th. BNP Paribas upgraded Best Buy to a “hold” rating in a research report on Friday, May 30th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Finally, Jefferies Financial Group reduced their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $86.11.

Best Buy 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.