AM Squared Ltd Invests $135,000 in Best Buy Co., Inc. (NYSE:BBY)

AM Squared Ltd purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, HoldingsChannel reports. The fund purchased 1,600 shares of the technology retailer’s stock, valued at approximately $135,000. Best Buy makes up approximately 0.3% of AM Squared Ltd’s holdings, making the stock its 29th largest position.

Other large investors have also recently bought and sold shares of the company. Rise Advisors LLC grew its position in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares during the period. Access Investment Management LLC bought a new stake in Best Buy in the fourth quarter valued at $27,000. Palisade Asset Management LLC bought a new stake in Best Buy in the first quarter valued at $27,000. PrairieView Partners LLC grew its position in Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares during the period. Finally, Innealta Capital LLC bought a new stake in Best Buy in the second quarter valued at $35,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Trading Up 0.2 %

NYSE:BBY traded up $0.22 during mid-day trading on Friday, hitting $100.40. The company had a trading volume of 5,553,076 shares, compared to its average volume of 2,807,112. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The business’s fifty day moving average is $85.94 and its two-hundred day moving average is $81.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm has a market cap of $21.66 billion, a P/E ratio of 17.58, a P/E/G ratio of 3.20 and a beta of 1.48.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the firm posted $1.22 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, research analysts expect that Best Buy Co., Inc. will post 6.27 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Analyst Upgrades and Downgrades

BBY has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday. UBS Group increased their target price on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company increased their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday. Bank of America increased their target price on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday. Finally, Piper Sandler restated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and a consensus price target of $100.94.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now directly owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,383,370 shares of company stock valued at $208,083,276. 0.59% of the stock is currently owned by company insiders.

Best Buy 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.