Hennessy Advisors Inc. Has $3.03 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Hennessy Advisors Inc. boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 23.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,900 shares of the technology retailer’s stock after purchasing an additional 7,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Best Buy were worth $3,027,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC increased its position in shares of Best Buy by 1.3% during the third quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer’s stock worth $6,870,000 after acquiring an additional 1,233 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its position in shares of Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 302 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Best Buy by 0.4% during the third quarter. Treasurer of the State of North Carolina now owns 105,500 shares of the technology retailer’s stock worth $7,329,000 after acquiring an additional 386 shares in the last quarter. Bank of Nova Scotia increased its position in shares of Best Buy by 12.8% during the third quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer’s stock worth $1,334,000 after acquiring an additional 2,174 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new position in Best Buy in the third quarter valued at $381,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Down 0.4 %

NYSE:BBY traded down $0.30 during mid-day trading on Friday, hitting $84.02. 1,211,818 shares of the company’s stock were exchanged, compared to its average volume of 3,165,088. The company has a 50 day simple moving average of $79.41 and a 200-day simple moving average of $77.57. 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 fifty-two week low of $62.30 and a fifty-two week high of $93.72. The firm has a market capitalization of $18.12 billion, a P/E ratio of 14.77, a PEG ratio of 2.72 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, topping the consensus estimate of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.96 billion. During the same period last year, the company earned $1.15 EPS. The firm’s revenue was down 6.5% compared to the same quarter last year. As a group, research analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be given a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.48%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of research reports. Barclays raised their target price on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Wedbush restated a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research note on Tuesday, May 28th. Evercore ISI raised their target price on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Jefferies Financial Group cut their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and raised their price target for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $90.87.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the transaction, the chief accounting officer now owns 22,118 shares in the company, valued at approximately $1,823,186.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the sale, the chief accounting officer now owns 22,118 shares in the company, valued at approximately $1,823,186.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the sale, the chairman now owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,004,149 shares of company stock worth $166,397,807. Company 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.