OLD National Bancorp IN Sells 3,748 Shares of Best Buy Co., Inc. (NYSE:BBY)

OLD National Bancorp IN reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 101,563 shares of the technology retailer’s stock after selling 3,748 shares during the quarter. OLD National Bancorp IN’s holdings in Best Buy were worth $10,491,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Ninety One UK Ltd bought a new stake in Best Buy during the 2nd quarter valued at about $121,325,000. Thrivent Financial for Lutherans boosted its holdings in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Swedbank AB purchased a new stake in shares of Best Buy during the 1st quarter valued at about $43,522,000. Finally, AQR Capital Management LLC boosted its holdings in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BBY shares. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Evercore ISI raised their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. UBS Group raised their price target on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. Barclays raised their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Truist Financial raised their price objective on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Price Performance

Shares of NYSE:BBY opened at $96.14 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a market capitalization of $20.74 billion, a P/E ratio of 16.84, a P/E/G ratio of 2.58 and a beta of 1.46. The firm’s 50 day simple moving average is $95.36 and its two-hundred day simple moving average is $86.21.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the firm earned $1.22 earnings per share. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the transaction, the chairman now owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the transaction, the chairman now owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

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.