Greystone Financial Group LLC Buys Shares of 47,971 Best Buy Co., Inc. (NYSE:BBY)

Greystone Financial Group LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 47,971 shares of the technology retailer’s stock, valued at approximately $4,043,000.

Several other hedge funds have also recently bought and sold shares of the company. Tobam boosted its position in shares of Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after buying an additional 121 shares during the period. LVW Advisors LLC raised its stake in shares of Best Buy by 2.3% during the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares in the last quarter. Rise Advisors LLC lifted its holdings in 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 period. MCF Advisors LLC increased its stake in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after buying an additional 134 shares during the period. Finally, Continuum Advisory LLC raised its position in shares of Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after buying an additional 149 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Best Buy 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 sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the sale, the chairman now owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock valued at $122,233,276 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Down 0.9 %

Shares of NYSE:BBY traded down $0.91 on Friday, reaching $98.50. The company had a trading volume of 2,463,218 shares, compared to its average volume of 3,125,065. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $21.25 billion, a P/E ratio of 17.25, a P/E/G ratio of 3.20 and a beta of 1.46. The stock has a 50-day moving average price of $87.35 and a 200 day moving average price of $81.99. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 earnings per share. On average, equities analysts expect that Best Buy Co., Inc. will post 6.27 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several recent analyst reports. Bank of America boosted their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Citigroup boosted their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and an average price target of $102.56.

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.