Saxon Interests Inc. Purchases 1,030 Shares of Best Buy Co., Inc. (NYSE:BBY)

Saxon Interests Inc. raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 16.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,218 shares of the technology retailer’s stock after acquiring an additional 1,030 shares during the period. Saxon Interests Inc.’s holdings in Best Buy were worth $592,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. AMF Tjanstepension AB acquired a new stake in shares of Best Buy in the first quarter valued at approximately $8,676,000. Bridgewater Associates LP raised its position in shares of Best Buy by 34.9% in the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after buying an additional 50,438 shares in the last quarter. Cerity Partners LLC raised its position in shares of Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock valued at $8,100,000 after buying an additional 8,042 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $317,000. Finally, Private Advisor Group LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $328,000. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on BBY shares. Wedbush restated a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a research report on Tuesday, May 28th. Truist Financial restated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a research report on Monday. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $85.00 to $106.00 in a research report on Monday, June 17th. Finally, Loop Capital boosted their price objective on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, June 7th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Price Performance

Shares of BBY traded down $0.12 during trading hours on Tuesday, reaching $82.17. The stock had a trading volume of 3,074,486 shares, compared to its average volume of 3,179,124. The stock has a market capitalization of $17.72 billion, a PE ratio of 14.39, a PEG ratio of 2.72 and a beta of 1.48. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company’s 50-day moving average is $79.88 and its two-hundred day moving average is $77.79. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. Best Buy’s quarterly revenue 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. Research analysts expect that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be issued a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.58%. Best Buy’s payout ratio is 65.85%.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the sale, the chairman now directly owns 8,850 shares in the company, valued at $709,858.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the sale, the chairman now owns 8,850 shares of the company’s stock, valued at $709,858.50. The disclosure for this sale can be found here. Insiders sold 2,004,149 shares of company stock worth $166,397,807 over the last three months. Company insiders own 0.59% of the company’s stock.

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.