TD Asset Management Inc Cuts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

TD Asset Management Inc trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 45.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,918 shares of the technology retailer’s stock after selling 63,697 shares during the quarter. TD Asset Management Inc’s holdings in Best Buy were worth $6,303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Baldwin Brothers LLC MA acquired a new position in Best Buy during the 2nd quarter worth $25,000. Oliver Lagore Vanvalin Investment Group acquired a new position in Best Buy during the 1st quarter worth $28,000. Clear Street Markets LLC grew its stake in Best Buy by 90.6% during the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 183 shares in the last quarter. Cambridge Trust Co. grew its stake in Best Buy by 3,900.0% during the 1st quarter. Cambridge Trust Co. now owns 400 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 390 shares in the last quarter. Finally, BOKF NA acquired a new position in Best Buy during the 1st quarter worth $33,000. 76.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on BBY shares. Truist Financial lowered their target price on Best Buy from $80.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. Citigroup upped their price objective on Best Buy from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Telsey Advisory Group lowered their price objective on Best Buy from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Friday. StockNews.com initiated coverage on Best Buy in a research report on Thursday, October 5th. They set a “hold” rating for the company. Finally, UBS Group lowered their price objective on Best Buy from $85.00 to $76.00 and set a “neutral” rating for the company in a research report on Monday, November 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $77.93.

Best Buy Stock Down 0.2 %

BBY opened at $68.11 on Tuesday. The business has a 50 day moving average price of $68.44 and a two-hundred day moving average price of $74.28. The company has a quick ratio of 0.31, a current ratio of 0.98 and a debt-to-equity ratio of 0.40. The company has a market cap of $14.82 billion, a PE ratio of 11.72, a P/E/G ratio of 1.80 and a beta of 1.53. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $93.32.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $1.22 EPS for the quarter, beating the consensus estimate of $1.06 by $0.16. The firm had revenue of $9.58 billion during the quarter, compared to the consensus estimate of $9.52 billion. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The firm’s revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.54 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.22 EPS for the current year.

Best Buy Announces Dividend

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

Insider Buying and Selling at Best Buy

In other news, insider Todd G. Hartman sold 7,948 shares of the stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total transaction of $551,432.24. Following the completion of the transaction, the insider now directly owns 13,337 shares of the company’s stock, valued at approximately $925,321.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Todd G. Hartman sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $71.18, for a total transaction of $355,900.00. Following the completion of the transaction, the insider now directly owns 21,285 shares of the company’s stock, valued at approximately $1,515,066.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Todd G. Hartman sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, September 22nd. The stock was 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 in the company, valued at approximately $925,321.06. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Best Buy Company 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.