Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Shariaportfolio Inc.

22 Oct 2024, 13:42 by Mitch Edgeman · The Markets Daily

Shariaportfolio Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 15.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,764 shares of the technology retailer’s stock after selling 1,552 shares during the quarter. Best Buy accounts for approximately 0.5% of Shariaportfolio Inc.’s portfolio, making the stock its 27th largest holding. Shariaportfolio Inc.’s holdings in Best Buy were worth $905,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Los Angeles Capital Management LLC grew its position in Best Buy by 82.1% during the first quarter. Los Angeles Capital Management LLC now owns 10,095 shares of the technology retailer’s stock worth $828,000 after buying an additional 4,550 shares during the period. Park Avenue Securities LLC grew its position in shares of Best Buy by 7.3% in the first quarter. Park Avenue Securities LLC now owns 6,927 shares of the technology retailer’s stock valued at $568,000 after purchasing an additional 469 shares during the last quarter. Ballentine Partners LLC grew its position in shares of Best Buy by 19.2% in the first quarter. Ballentine Partners LLC now owns 5,648 shares of the technology retailer’s stock valued at $463,000 after purchasing an additional 908 shares during the last quarter. Hoxton Planning & Management LLC grew its position in shares of Best Buy by 8.7% in the first quarter. Hoxton Planning & Management LLC now owns 3,182 shares of the technology retailer’s stock valued at $261,000 after purchasing an additional 255 shares during the last quarter. Finally, Viking Fund Management LLC grew its position in shares of Best Buy by 900.0% in the first quarter. Viking Fund Management LLC now owns 2,000 shares of the technology retailer’s stock valued at $164,000 after purchasing an additional 1,800 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Truist Financial upped their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Wells Fargo & Company upped their price objective on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Finally, Melius Research initiated coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Check Out Our Latest Analysis on Best Buy

Insider Activity

In other news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $93.17 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $20.10 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The firm’s 50 day moving average is $95.60 and its two-hundred day moving average is $86.36.

Best Buy (NYSE:BBY – Get Free Report) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the firm posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is presently 65.85%.

Best Buy Profile

(Free Report)

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.