Wedmont Private Capital Has $424,000 Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Wedmont Private Capital trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 10.3% during the second quarter, Holdings Channel reports. The firm owned 4,913 shares of the technology retailer’s stock after selling 565 shares during the quarter. Wedmont Private Capital’s holdings in Best Buy were worth $424,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BBY. AMF Tjanstepension AB bought a new stake in Best Buy in the 1st quarter valued at about $8,676,000. GAMMA Investing LLC increased its position in Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after buying an additional 898 shares in the last quarter. Bridgewater Associates LP increased its position in Best Buy by 34.9% in the 4th quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after buying an additional 50,438 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after purchasing an additional 8,042 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new stake in shares of Best Buy in the fourth quarter worth approximately $328,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BBY. Wedbush reiterated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. DA Davidson raised their price target on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 price objective on shares of Best Buy in a research note on Thursday, May 30th. Evercore ISI boosted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Finally, Truist Financial restated a “hold” rating and issued a $86.00 target price on shares of Best Buy in a research note on Monday, July 1st. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Stock Performance

BBY stock traded up $1.94 during midday trading on Tuesday, reaching $83.14. 2,110,259 shares of the company’s stock traded hands, compared to its average volume of 3,115,482. The company has a 50-day moving average price of $86.29 and a two-hundred day moving average price of $79.87. The firm has a market capitalization of $17.93 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $93.72.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.15 EPS. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.52%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Insider Activity

In related news, 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 value of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 600,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were 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 $1,236,311,891.37. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction dated 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 owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The disclosure for this sale can be found here. Insiders sold 3,383,370 shares of company stock worth $288,293,276 in the last three months. Corporate insiders own 0.59% of the company’s stock.

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.