Transcendent Capital Group LLC Invests $39,000 in Best Buy Co., Inc. (NYSE:BBY)

Transcendent Capital Group LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 500 shares of the technology retailer’s stock, valued at approximately $39,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Best Buy by 214.4% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 426,430 shares of the technology retailer’s stock worth $33,381,000 after buying an additional 290,812 shares in the last quarter. Scarborough Advisors LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $440,000. Clear Street Markets LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $1,393,000. Shariaportfolio Inc. purchased a new stake in Best Buy in the fourth quarter valued at approximately $1,148,000. Finally, Mairs & Power Inc. raised its stake in Best Buy by 9,155.1% in the fourth quarter. Mairs & Power Inc. now owns 532,167 shares of the technology retailer’s stock valued at $41,658,000 after purchasing an additional 526,417 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now directly owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,052,023 shares of company stock worth $170,313,900. Company insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group lowered their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and raised their target price for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Barclays raised 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. DA Davidson raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Truist Financial decreased their price target on shares of Best Buy from $87.00 to $86.00 and set a “hold” rating on the stock in a research note on Friday, May 31st. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.47.

Best Buy Trading Down 0.6 %

Shares of Best Buy stock traded down $0.52 during trading on Friday, reaching $87.21. 2,857,587 shares of the stock were exchanged, compared to its average volume of 4,162,483. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock’s fifty day moving average is $77.54 and its 200 day moving average is $76.60. The firm has a market cap of $18.81 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 2.83 and a beta of 1.49. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $89.00.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.15 earnings per share. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.31%. Best Buy’s dividend payout ratio is currently 65.85%.

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.