Commerce Bank Purchases 2,005 Shares of Best Buy Co., Inc. (NYSE:BBY)

Commerce Bank grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 1.6% during the 1st quarter, HoldingsChannel reports. The firm owned 126,980 shares of the technology retailer’s stock after acquiring an additional 2,005 shares during the quarter. Commerce Bank’s holdings in Best Buy were worth $10,416,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in BBY. Bfsg LLC acquired a new stake in shares of Best Buy in the fourth quarter worth $25,000. Rise Advisors LLC lifted its position in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the period. Palisade Asset Management LLC acquired a new position in shares of Best Buy in the first quarter valued at $27,000. Naples Money Management LLC acquired a new stake in Best Buy during the fourth quarter worth $27,000. Finally, Access Investment Management LLC bought a new stake in Best Buy in the 4th quarter valued at $27,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 1.1 %

NYSE:BBY traded down $0.92 during trading hours on Wednesday, hitting $85.50. 1,828,589 shares of the company traded hands, compared to its average volume of 3,174,584. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.44 billion, a PE ratio of 14.95, a PEG ratio of 2.76 and a beta of 1.48. The firm’s 50-day simple moving average is $80.94 and its 200-day simple moving average is $78.09. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.40%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated 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 transaction, the chairman now directly owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,000,629 shares of company stock worth $166,107,653. 0.59% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BBY. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Evercore ISI upped their price target on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. Jefferies Financial Group lowered their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research note on Thursday, May 30th. Finally, Loop Capital increased their price target on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Company 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.