Hennessy Advisors Inc. Sells 300 Shares of Best Buy Co., Inc. (NYSE:BBY)

Hennessy Advisors Inc. lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 0.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,200 shares of the technology retailer’s stock after selling 300 shares during the quarter. Hennessy Advisors Inc.’s holdings in Best Buy were worth $2,444,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy in the fourth quarter worth $31,000. Atlas Capital Advisors Inc. increased its holdings in shares of Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC increased its holdings in shares of Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the period. Finally, OFI Invest Asset Management bought a new position in shares of Best Buy in the fourth quarter worth $34,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $69.57 on Friday. The company has a 50-day simple moving average of $67.81 and a two-hundred day simple moving average of $77.60. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The firm has a market cap of $14.70 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.46%. Best Buy’s dividend payout ratio is currently 92.91%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman now directly owns 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 804,374 shares of company stock worth $58,735,581. Company insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Morgan Stanley cut their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Piper Sandler cut their target price on shares of Best Buy from $92.00 to $82.00 and set an “overweight” rating for the company in a research report on Friday, May 30th. Wedbush cut their target price on shares of Best Buy from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. Finally, Barclays cut their target price on shares of Best Buy from $89.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $86.11.

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.