Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Shariaportfolio Inc.

Shariaportfolio Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 15.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,764 shares of the technology retailer’s stock after selling 1,552 shares during the period. Best Buy makes up 0.5% of Shariaportfolio Inc.’s portfolio, making the stock its 27th biggest position. Shariaportfolio Inc.’s holdings in Best Buy were worth $905,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in BBY. AMF Tjanstepension AB acquired a new position in Best Buy during the 1st quarter worth $8,676,000. GAMMA Investing LLC grew its holdings in Best Buy by 78.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after acquiring an additional 7,663 shares in the last quarter. M&G Plc acquired a new position in Best Buy during the 1st quarter worth $8,608,000. Finally, Van ECK Associates Corp grew its holdings in Best Buy by 21.9% during the 1st quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock worth $9,715,000 after acquiring an additional 21,258 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of Best Buy stock opened at $93.17 on Tuesday. The firm has a fifty day simple moving average of $95.60 and a 200-day simple moving average of $86.36. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The stock has a market capitalization of $20.10 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm posted $1.22 earnings per share. Best Buy’s revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BBY shares. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Melius Research assumed coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Finally, StockNews.com upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $103.71.

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.