Massmutual Trust Co. FSB ADV Acquires 201 Shares of Best Buy Co., Inc. (NYSE:BBY)

Massmutual Trust Co. FSB ADV raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 49.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 608 shares of the technology retailer’s stock after acquiring an additional 201 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Best Buy were worth $51,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of BBY. Rise Advisors LLC grew its holdings in shares of Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the last quarter. MCF Advisors LLC grew its stake in Best Buy by 2.7% in the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after acquiring an additional 134 shares in the last quarter. Hartford Financial Management Inc. increased its position in shares of Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 140 shares during the period. PrairieView Partners LLC raised its stake in shares of Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares in the last quarter. Finally, Avory & Company LLC boosted its holdings in shares of Best Buy by 2.6% in the fourth quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock valued at $471,000 after purchasing an additional 154 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 2.2 %

Shares of NYSE:BBY opened at $82.00 on Wednesday. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72. The stock has a market cap of $17.69 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 2.76 and a beta of 1.48. The business has a 50-day moving average price of $86.23 and a 200-day moving average price of $79.63.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) 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% compared to the same quarter last year. During the same period last year, the firm posted $1.15 EPS. Equities analysts predict 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 was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.59%. Best Buy’s payout ratio is currently 65.85%.

Wall Street Analyst Weigh In

Several research analysts have commented on BBY shares. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Wedbush restated a “neutral” rating and issued a $85.00 price objective on shares of Best Buy in a report on Tuesday, May 28th. DA Davidson increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Truist Financial restated a “hold” rating and issued a $86.00 price target on shares of Best Buy in a report on Monday, July 1st. Finally, Loop Capital increased their price objective on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $90.87.

Insider Buying and Selling at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s 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 transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,383,370 shares of company stock worth $288,293,276. 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.