Gateway Investment Advisers LLC Has $813,000 Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Gateway Investment Advisers LLC grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 10.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,043 shares of the technology retailer’s stock after buying an additional 1,004 shares during the period. Gateway Investment Advisers LLC’s holdings in Best Buy were worth $813,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Rakuten Securities Inc. grew its stake in Best Buy by 971.9% during 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. acquired a new stake in Best Buy during the fourth quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new stake in Best Buy during the fourth quarter worth approximately $32,000. Atlas Capital Advisors Inc. grew its stake in Best Buy by 186.9% during 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. Finally, Ancora Advisors LLC grew its stake in Best Buy by 18,700.0% during 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. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on BBY shares. Guggenheim reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, May 30th. Morgan Stanley decreased their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Piper Sandler decreased their target price on Best Buy from $92.00 to $82.00 and set an “overweight” rating for the company in a research note on Friday, May 30th. Citigroup reiterated a “neutral” rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Finally, UBS Group cut their price target on Best Buy from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $86.11.

Best Buy Stock Up 3.6%

BBY stock opened at $73.03 on Monday. The stock’s 50 day moving average is $66.87 and its 200-day moving average is $78.12. The firm has a market capitalization of $15.46 billion, a PE ratio of 12.48, a P/E/G ratio of 2.10 and a beta of 1.25. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. 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 (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company posted $1.20 earnings per share. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.20%. Best Buy’s dividend payout ratio (DPR) is currently 92.91%.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. The trade was a 3.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the sale, the chief financial officer now owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is owned by company insiders.

Best Buy Company 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.