Symmetry Partners LLC Buys 546 Shares of Best Buy Co., Inc. (NYSE:BBY)

Symmetry Partners LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,375 shares of the technology retailer’s stock after purchasing an additional 546 shares during the quarter. Symmetry Partners LLC’s holdings in Best Buy were worth $369,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in BBY. CX Institutional grew its holdings in Best Buy by 1.6% in the 2nd quarter. CX Institutional now owns 56,324 shares of the technology retailer’s stock worth $4,748,000 after acquiring an additional 869 shares during the last quarter. Linden Thomas Advisory Services LLC increased its stake in shares of Best Buy by 6.0% during the second quarter. Linden Thomas Advisory Services LLC now owns 15,609 shares of the technology retailer’s stock valued at $1,316,000 after buying an additional 882 shares during the period. CWM LLC increased its position in Best Buy by 174.4% during the 2nd quarter. CWM LLC now owns 9,487 shares of the technology retailer’s stock valued at $800,000 after purchasing an additional 6,030 shares during the period. AMF Tjanstepension AB lifted its position in shares of Best Buy by 48.0% in the 2nd quarter. AMF Tjanstepension AB now owns 156,290 shares of the technology retailer’s stock worth $13,211,000 after purchasing an additional 50,707 shares during the period. Finally, Arden Trust Co purchased a new stake in shares of Best Buy in the 2nd quarter worth about $1,036,000. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and increased their target price for the stock from $85.00 to $106.00 in a research report on Monday, June 17th. Telsey Advisory Group reissued an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a research report on Thursday, May 30th. Wedbush reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Truist Financial reissued a “hold” rating and set a $86.00 price target on shares of Best Buy in a research report on Monday, July 1st. Finally, Evercore ISI upped their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a report on Friday, May 31st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Stock Performance

Shares of BBY stock traded up $1.17 during trading hours on Friday, reaching $83.73. The company had a trading volume of 1,679,514 shares, compared to its average volume of 3,129,442. The firm has a market cap of $18.06 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. The business has a fifty day moving average price of $86.41 and a 200-day moving average price of $79.73. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72. 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 released its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. During the same period in the prior year, the firm earned $1.15 EPS. The company’s revenue was down 6.5% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.49%. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s 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 approximately $709,858.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the transaction, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,383,370 shares of company stock valued at $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.