9,524 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by Neo Ivy Capital Management

Neo Ivy Capital Management bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,524 shares of the technology retailer’s stock, valued at approximately $803,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Citizens Bank & Trust Co. lifted its holdings in shares of Best Buy by 9.8% during the second quarter. First Citizens Bank & Trust Co. now owns 34,604 shares of the technology retailer’s stock valued at $2,917,000 after acquiring an additional 3,091 shares during the period. Continuum Advisory LLC lifted its holdings in shares of Best Buy by 34.7% during the second quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after acquiring an additional 149 shares during the period. Cantor Fitzgerald Investment Advisors L.P. lifted its holdings in shares of Best Buy by 53.0% during the second quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 133,802 shares of the technology retailer’s stock valued at $11,278,000 after acquiring an additional 46,374 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Best Buy during the second quarter valued at $22,704,000. Finally, Raymond James & Associates lifted its holdings in shares of Best Buy by 17.0% during the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after acquiring an additional 490,801 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Down 0.3 %

Shares of NYSE:BBY traded down $0.29 during trading on Tuesday, hitting $84.75. 250,501 shares of the company’s stock traded hands, compared to its average volume of 3,067,176. The company has a market cap of $18.28 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. The company has a 50-day moving average price of $85.90 and a 200-day moving average price of $80.23. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. 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 earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The firm had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.15 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date was Thursday, June 20th. Best Buy’s payout ratio is presently 65.85%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value 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 disclosure for this sale can be found here. In the last three months, insiders have sold 3,383,370 shares of company stock valued at $288,293,276. 0.59% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BBY. DA Davidson raised their target price on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and raised their target price for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Loop Capital raised their target price on Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Wedbush restated a “neutral” rating and issued a $85.00 target price on shares of Best Buy in a research note on Tuesday, May 28th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research note on Thursday, May 30th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $90.87.

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.