Cypress Capital LLC Buys 1,662 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cypress Capital LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 10.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 17,390 shares of the technology retailer’s stock after acquiring an additional 1,662 shares during the quarter. Cypress Capital LLC’s holdings in Best Buy were worth $1,581,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Baker Tilly Wealth Management LLC raised its position in shares of Best Buy by 4.2% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 2,627 shares of the technology retailer’s stock worth $267,000 after purchasing an additional 106 shares during the period. Concord Wealth Partners raised its position in shares of Best Buy by 39.4% during the first quarter. Concord Wealth Partners now owns 389 shares of the technology retailer’s stock worth $35,000 after purchasing an additional 110 shares during the period. Veriti Management LLC raised its position in shares of Best Buy by 3.5% during the first quarter. Veriti Management LLC now owns 3,389 shares of the technology retailer’s stock worth $308,000 after purchasing an additional 114 shares during the period. Community Bank & Trust Waco Texas raised its position in shares of Best Buy by 0.7% during the fourth quarter. Community Bank & Trust Waco Texas now owns 17,594 shares of the technology retailer’s stock worth $1,788,000 after purchasing an additional 121 shares during the period. Finally, Hilltop Holdings Inc. raised its position in shares of Best Buy by 5.1% during the fourth quarter. Hilltop Holdings Inc. now owns 2,486 shares of the technology retailer’s stock worth $252,000 after purchasing an additional 121 shares during the period. Institutional investors own 80.79% of the company’s stock.

Best Buy Stock Up 0.1 %

NYSE:BBY opened at $76.38 on Friday. The firm has a market capitalization of $17.20 billion, a price-to-earnings ratio of 8.48, a price-to-earnings-growth ratio of 0.62 and a beta of 1.50. Best Buy Co., Inc. has a twelve month low of $64.29 and a twelve month high of $141.97. The stock’s 50 day moving average price is $73.60 and its two-hundred day moving average price is $87.09. The company has a quick ratio of 0.24, a current ratio of 0.96 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBYGet Rating) last issued its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.02). Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The business had revenue of $10.65 billion for the quarter, compared to the consensus estimate of $10.43 billion. During the same quarter in the prior year, the firm posted $2.23 earnings per share. The business’s revenue was down 8.5% compared to the same quarter last year. Equities research analysts expect that Best Buy Co., Inc. will post 6.9 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th were paid a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, June 13th. This represents a $3.52 annualized dividend and a dividend yield of 4.61%. Best Buy’s dividend payout ratio is currently 39.07%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 4,388 shares of Best Buy stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $307,160.00. Following the completion of the transaction, the chief executive officer now directly owns 315,313 shares in the company, valued at approximately $22,071,910. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Richard M. Schulze bought 250,000 shares of the business’s stock in a transaction dated Wednesday, May 25th. The stock was purchased at an average cost of $79.60 per share, for a total transaction of $19,900,000.00. Following the transaction, the chairman now owns 20,464,051 shares in the company, valued at approximately $1,628,938,459.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry sold 4,388 shares of the company’s stock in a transaction on Tuesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $307,160.00. Following the sale, the chief executive officer now owns 315,313 shares of the company’s stock, valued at $22,071,910. The disclosure for this sale can be found here. In the last three months, insiders sold 63,011 shares of company stock worth $5,036,334. 0.44% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group reaffirmed a “sell” rating and set a $82.00 price target (down previously from $96.00) on shares of Best Buy in a research report on Tuesday, June 7th. Truist Financial dropped their price target on Best Buy from $83.00 to $67.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Wedbush dropped their price target on Best Buy from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Citigroup reissued a “buy” rating on shares of Best Buy in a research report on Thursday, June 23rd. Finally, Wells Fargo & Company dropped their target price on Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $87.69.

About Best Buy

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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