EntryPoint Capital LLC Decreases Holdings in Best Buy Co., Inc. (NYSE:BBY)

EntryPoint Capital LLC trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 43.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,190 shares of the technology retailer’s stock after selling 914 shares during the period. EntryPoint Capital LLC’s holdings in Best Buy were worth $98,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rise Advisors LLC boosted its position in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC grew its stake in Best Buy by 2.7% in the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after buying an additional 134 shares in the last quarter. Hartford Financial Management Inc. raised its holdings in Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 140 shares during the period. UMB Bank n.a. lifted its position in shares of Best Buy by 4.0% during the fourth quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after acquiring an additional 148 shares in the last quarter. Finally, PrairieView Partners LLC boosted its holdings in shares of Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 151 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Up 0.1 %

BBY stock traded up $0.05 during trading on Friday, hitting $87.40. 703,878 shares of the company traded hands, compared to its average volume of 3,146,376. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $93.72. The firm has a market capitalization of $18.85 billion, a PE ratio of 15.30, a P/E/G ratio of 2.83 and a beta of 1.48. The company has a 50-day moving average of $84.24 and a 200-day moving average of $78.94.

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

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.30%. Best Buy’s dividend payout ratio is presently 65.85%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BBY shares. DA Davidson upped their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. 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 report on Friday, May 31st. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $106.00 in a research report on Monday, June 17th. Wedbush restated a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $86.00 price target on shares of Best Buy in a report on Monday, July 1st. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $90.87.

Insider Buying and Selling

In other news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other 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 value of $85,850,000.00. Following the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold a total of 3,383,370 shares of company stock valued at $288,293,276 over the last ninety days. Company insiders own 0.59% of the company’s stock.

About Best Buy

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.