Hexagon Capital Partners LLC Grows Holdings in Best Buy Co., Inc. (NYSE:BBY)

Hexagon Capital Partners LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 45.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,125 shares of the technology retailer’s stock after buying an additional 351 shares during the period. Hexagon Capital Partners LLC’s holdings in Best Buy were worth $95,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in Best Buy during the 4th quarter valued at approximately $5,760,000. Bleakley Financial Group LLC acquired a new stake in shares of Best Buy during the fourth quarter worth approximately $447,000. Sequoia Financial Advisors LLC acquired a new stake in Best Buy in the fourth quarter valued at $280,000. Geneos Wealth Management Inc. boosted its stake in Best Buy by 179.2% during the 4th quarter. Geneos Wealth Management Inc. now owns 3,976 shares of the technology retailer’s stock valued at $311,000 after acquiring an additional 2,552 shares during the last quarter. Finally, GHP Investment Advisors Inc. grew its holdings in Best Buy by 8.9% during the 4th quarter. GHP Investment Advisors Inc. now owns 12,881 shares of the technology retailer’s stock worth $1,008,000 after acquiring an additional 1,048 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent analyst reports. Evercore ISI upped their target price on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research note on Friday, May 31st. Wedbush reaffirmed a “neutral” rating and set a $85.00 target price on shares of Best Buy in a report on Tuesday, May 28th. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and boosted their price target for the company from $67.00 to $100.00 in a report on Monday, June 3rd. Telsey Advisory Group restated an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a research note on Thursday, May 30th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $86.00 price objective on shares of Best Buy in a report on Monday, July 1st. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

Insider Activity at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction dated 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 transaction, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The disclosure for this sale can be found here. Insiders have sold 3,383,370 shares of company stock worth $288,293,276 over the last quarter. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Performance

BBY traded up $1.17 during trading hours on Friday, hitting $83.73. The company’s stock had a trading volume of 1,679,514 shares, compared to its average volume of 3,129,442. The company has a 50-day simple moving average of $86.41 and a 200 day simple moving average of $79.78. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.06 billion, a PE ratio of 14.66, a PEG ratio of 2.76 and a beta of 1.48. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period last year, the company earned $1.15 earnings per share. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

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

About Best Buy

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.