US Bancorp DE Lowers Holdings in Best Buy Co., Inc. (NYSE:BBY)

US Bancorp DE reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 286,797 shares of the technology retailer’s stock after selling 13,681 shares during the period. US Bancorp DE owned 0.13% of Best Buy worth $23,526,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BBY. Bfsg LLC acquired a new position in Best Buy during the fourth quarter worth approximately $25,000. Rise Advisors LLC boosted its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the period. Naples Money Management LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $27,000. Access Investment Management LLC purchased a new stake in shares of Best Buy during the fourth quarter valued at approximately $27,000. Finally, Palisade Asset Management LLC acquired a new position in shares of Best Buy during the first quarter worth $27,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BBY. Telsey Advisory Group reaffirmed an “outperform” rating and set a $95.00 price target on shares of Best Buy in a research note on Thursday, May 30th. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $106.00 in a research report on Monday, June 17th. Wedbush reissued a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Loop Capital lifted their price objective on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, June 7th. Finally, DA Davidson upped their target price on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

Best Buy Stock Performance

Shares of NYSE:BBY traded up $2.03 on Wednesday, reaching $89.28. 1,693,950 shares of the company’s stock were exchanged, compared to its average volume of 3,156,723. The business’s 50-day moving average is $82.22 and its two-hundred day moving average is $78.38. 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 fifty-two week low of $62.30 and a fifty-two week high of $93.72. The firm has a market capitalization of $19.26 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY) last issued its 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 firm had revenue of $8.85 billion for the quarter, compared to analysts’ expectations 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 was down 6.5% on a year-over-year basis. During the same quarter last year, the company posted $1.15 earnings per share. As a group, equities research analysts forecast 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. Investors 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 yield of 4.21%. Best Buy’s payout ratio is currently 65.85%.

Insiders Place Their Bets

In other news, 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 owns 8,850 shares in the company, valued at $709,858.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $709,858.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold 2,003,500 shares of company stock valued at $166,350,570 over the last three months. 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.