HB Wealth Management LLC Has $406,000 Position in Best Buy Co., Inc. (NYSE:BBY)

HB Wealth Management LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 70.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,944 shares of the technology retailer’s stock after purchasing an additional 2,036 shares during the period. HB Wealth Management LLC’s holdings in Best Buy were worth $406,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Bfsg LLC bought a new position in Best Buy in the 4th quarter valued at approximately $25,000. Rise Advisors LLC grew its position in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after purchasing an additional 132 shares during the period. Naples Money Management LLC bought a new stake in shares of Best Buy during the fourth quarter worth about $27,000. Access Investment Management LLC purchased a new stake in shares of Best Buy in the fourth quarter worth approximately $27,000. Finally, Stonebridge Capital Advisors LLC boosted its holdings in Best Buy by 81.9% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 185 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 0.4 %

Shares of BBY stock traded down $0.35 during trading hours on Friday, hitting $81.98. The company had a trading volume of 1,100,797 shares, compared to its average volume of 3,149,556. The company’s fifty day moving average is $80.32 and its 200 day moving average is $77.89. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72. The stock has a market capitalization of $17.68 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.65 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33.

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

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction dated Monday, June 3rd. The stock was 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 owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mathew Watson sold 3,520 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares in the company, valued at approximately $1,823,186.74. The sale was disclosed in a legal filing 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 dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now directly owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The disclosure for this sale can be found here. In the last three months, insiders sold 2,004,149 shares of company stock worth $166,397,807. 0.59% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BBY shares. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. DA Davidson boosted their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. Wedbush reaffirmed a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research note on Tuesday, May 28th. Loop Capital upped their target price on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Finally, Citigroup raised Best Buy from a “sell” rating to a “buy” rating and boosted their target price for the stock from $67.00 to $100.00 in a report on Monday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $90.87.

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.