Raymond James Financial Services Advisors Inc. Lowers Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Raymond James Financial Services Advisors Inc. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,774,395 shares of the technology retailer’s stock after selling 53,073 shares during the period. Raymond James Financial Services Advisors Inc. owned approximately 0.82% of Best Buy worth $149,564,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. AMF Tjanstepension AB acquired a new position in shares of Best Buy during the first quarter worth about $8,676,000. GAMMA Investing LLC raised its stake in shares of Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after buying an additional 898 shares in the last quarter. Bridgewater Associates LP boosted its stake 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. Envestnet Portfolio Solutions Inc. grew its stake in shares of Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Private Advisor Group LLC purchased a new position in shares of Best Buy in the 4th quarter valued at about $328,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Trading Down 0.2 %

BBY traded down $0.20 during trading on Monday, hitting $85.04. The company’s stock had a trading volume of 1,463,245 shares, compared to its average volume of 3,084,883. The firm’s 50 day moving average price is $85.90 and its 200-day moving average price is $80.23. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.72. The stock has a market cap of $18.34 billion, a PE ratio of 14.89, a PEG ratio of 2.76 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 announced its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. During the same period in the prior year, the firm posted $1.15 EPS. The company’s revenue was down 6.5% on a year-over-year basis. On average, analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

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. This represents a $3.76 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend was Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BBY. Evercore ISI upped their target price on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. DA Davidson lifted their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Truist Financial reissued a “hold” rating and issued a $86.00 target price on shares of Best Buy in a report on Monday, July 1st. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Finally, Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and increased their price objective for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $90.87.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were 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 $709,858.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,383,370 shares of company stock worth $288,293,276. 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.