Federated Hermes Inc. Has $122.58 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Federated Hermes Inc. lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,665,228 shares of the technology retailer’s stock after purchasing an additional 52,550 shares during the period. Federated Hermes Inc. owned 0.79% of Best Buy worth $122,577,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. Pinnacle Bancorp Inc. grew its holdings in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 178 shares during the period. Vermillion Wealth Management Inc. acquired a new stake in Best Buy during the 4th quarter worth $31,000. Atlas Capital Advisors Inc. grew its holdings in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares during the period. Ancora Advisors LLC grew its holdings in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 374 shares during the period. Finally, Grove Bank & Trust grew its holdings in Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 173 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 0.5%

BBY opened at $67.80 on Tuesday. The stock has a market capitalization of $14.33 billion, a P/E ratio of 16.58, a P/E/G ratio of 1.78 and a beta of 1.24. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The firm’s fifty day simple moving average is $69.74 and its 200 day simple moving average is $73.70. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were paid a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.60%. Best Buy’s payout ratio is currently 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on BBY. Wells Fargo & Company lowered their target price on shares of Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a report on Friday, May 30th. Barclays lowered their target price on shares of Best Buy from $89.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, May 30th. Wedbush reduced their price target on shares of Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 30th. Piper Sandler reissued a “neutral” rating and set a $75.00 price target (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Finally, UBS Group reduced their price target on shares of Best Buy from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $85.72.

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.