Capital Investment Advisors LLC Sells 2,245 Shares of Best Buy Co., Inc. (NYSE:BBY)

Capital Investment Advisors LLC reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 10.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,879 shares of the technology retailer’s stock after selling 2,245 shares during the quarter. Capital Investment Advisors LLC’s holdings in Best Buy were worth $1,390,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Disciplined Equity Management Inc. increased its stake in Best Buy by 4.9% in the 1st quarter. Disciplined Equity Management Inc. now owns 15,733 shares of the technology retailer’s stock worth $1,158,000 after acquiring an additional 730 shares during the last quarter. Park Avenue Securities LLC increased its stake in Best Buy by 8.6% in the 1st quarter. Park Avenue Securities LLC now owns 11,225 shares of the technology retailer’s stock worth $826,000 after acquiring an additional 891 shares during the last quarter. Gateway Investment Advisers LLC increased its stake in Best Buy by 10.0% in the 1st quarter. Gateway Investment Advisers LLC now owns 11,043 shares of the technology retailer’s stock worth $813,000 after acquiring an additional 1,004 shares during the last quarter. Impact Capital Partners LLC purchased a new stake in shares of Best Buy during the 1st quarter valued at $415,000. Finally, Procyon Advisors LLC purchased a new stake in shares of Best Buy during the 1st quarter valued at $413,000. 80.96% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This trade represents a 47.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BBY shares. JPMorgan Chase & Co. lowered their price objective on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Jefferies Financial Group lowered their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Barclays lowered their price objective on shares of Best Buy from $89.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, May 30th. Truist Financial raised their price objective on shares of Best Buy from $64.00 to $69.00 and gave the company a “hold” rating in a research report on Friday, May 30th. Finally, BNP Paribas upgraded shares of Best Buy to a “hold” rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $86.11.

Best Buy Stock Performance

Best Buy stock opened at $72.75 on Tuesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $15.40 billion, a PE ratio of 12.44, a P/E/G ratio of 2.10 and a beta of 1.25. The firm has a fifty day simple moving average of $66.81 and a two-hundred day simple moving average of $78.00. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (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 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 quarter last year, the firm earned $1.20 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.22%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 92.91%.

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.