Shariaportfolio Inc. Cuts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Shariaportfolio Inc. lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 29.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,316 shares of the technology retailer’s stock after selling 4,204 shares during the quarter. Best Buy makes up about 0.5% of Shariaportfolio Inc.’s holdings, making the stock its 26th biggest holding. Shariaportfolio Inc.’s holdings in Best Buy were worth $870,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BBY. Rise Advisors LLC grew its holdings in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the last quarter. Palisade Asset Management LLC acquired a new position in Best Buy in the 1st quarter valued at $27,000. PrairieView Partners LLC raised its holdings in Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Best Buy during the 2nd quarter worth approximately $35,000. Finally, American National Bank purchased a new stake in shares of Best Buy in the first quarter valued at approximately $37,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Evercore ISI upped their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. DA Davidson upped their price target on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. The Goldman Sachs Group upped their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Finally, Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.56.

Best Buy Stock Up 0.7 %

Shares of NYSE BBY opened at $99.48 on Wednesday. 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 stock has a market capitalization of $21.46 billion, a PE ratio of 17.42, a P/E/G ratio of 2.56 and a beta of 1.46. The firm has a fifty day moving average of $89.41 and a 200-day moving average of $83.10. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 earnings per share. On average, analysts anticipate that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.78%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

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.