Mackenzie Financial Corp Increases Position in Best Buy Co., Inc. (NYSE:BBY)

Mackenzie Financial Corp grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 27.1% during the first quarter, HoldingsChannel reports. The fund owned 68,988 shares of the technology retailer’s stock after acquiring an additional 14,714 shares during the quarter. Mackenzie Financial Corp’s holdings in Best Buy were worth $5,078,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pinnacle Bancorp Inc. increased its holdings in shares of Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 178 shares during the period. Vermillion Wealth Management Inc. purchased a new position in shares of Best Buy in the 4th quarter valued at $31,000. Atlas Capital Advisors Inc. increased its holdings in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 243 shares during the period. Ancora Advisors LLC increased its holdings in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 374 shares during the period. Finally, Grove Bank & Trust increased its holdings in shares of Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 173 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of BBY stock opened at $64.11 on Friday. The stock has a market cap of $13.55 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 1.72 and a beta of 1.21. The business has a 50-day simple moving average of $69.33 and a 200-day simple moving average of $73.33. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data 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 analysts’ expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy’s payout ratio is 92.91%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of the business’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman owned 196,100 shares of the company’s stock, valued at $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.47% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on BBY shares. BNP Paribas upgraded Best Buy to a “hold” rating in a research note on Friday, May 30th. Loop Capital dropped their target price on Best Buy from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. DA Davidson restated a “buy” rating and set a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. Wells Fargo & Company dropped their target price on Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Friday, May 30th. Finally, Wedbush dropped their target price on Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $85.72.

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.