Russell Investments Group Ltd. Raises Holdings in Best Buy Co., Inc. (NYSE:BBY)

Russell Investments Group Ltd. lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,324 shares of the technology retailer’s stock after purchasing an additional 8,334 shares during the period. Russell Investments Group Ltd. owned about 0.12% of Best Buy worth $20,626,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Baldwin Brothers LLC MA purchased a new stake in Best Buy in the 2nd quarter worth approximately $25,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in Best Buy in the 1st quarter worth approximately $28,000. Clear Street Markets LLC grew its stake in Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 183 shares during the period. Cambridge Trust Co. grew its stake in Best Buy by 3,900.0% in the 1st quarter. Cambridge Trust Co. now owns 400 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 390 shares during the period. Finally, BOKF NA purchased a new stake in Best Buy in the 1st quarter worth approximately $33,000. 76.10% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $68.11 on Tuesday. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.32. The firm has a market capitalization of $14.82 billion, a price-to-earnings ratio of 11.72, a PEG ratio of 1.80 and a beta of 1.53. The company has a current ratio of 0.98, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40. The firm’s fifty day simple moving average is $68.44 and its 200 day simple moving average is $74.28.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.16. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. The firm had revenue of $9.58 billion for the quarter, compared to the consensus estimate of $9.52 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.22 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th were given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 5.40%. The ex-dividend date of this dividend was Monday, September 18th. Best Buy’s payout ratio is currently 63.34%.

Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 7,948 shares of the business’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $69.38, for a total value of $551,432.24. Following the completion of the sale, the insider now owns 13,337 shares of the company’s stock, valued at approximately $925,321.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Todd G. Hartman sold 7,948 shares of the business’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $69.38, for a total value of $551,432.24. Following the completion of the sale, the insider now owns 13,337 shares of the company’s stock, valued at approximately $925,321.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 5,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $71.18, for a total transaction of $355,900.00. Following the sale, the insider now directly owns 21,285 shares of the company’s stock, valued at approximately $1,515,066.30. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a research note on Tuesday, August 29th. Truist Financial decreased their price target on shares of Best Buy from $80.00 to $74.00 and set a “buy” rating on the stock in a report on Thursday, October 5th. The Goldman Sachs Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $79.00 to $85.00 in a report on Thursday, October 19th. Telsey Advisory Group decreased their price target on shares of Best Buy from $85.00 to $80.00 and set a “market perform” rating on the stock in a report on Friday. Finally, Wedbush decreased their price target on shares of Best Buy from $82.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, November 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $77.93.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.