Shellback Capital LP Sells 25,000 Shares of Best Buy Co., Inc. (NYSE:BBY)

Shellback Capital LP cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 29.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,000 shares of the technology retailer's stock after selling 25,000 shares during the period. Shellback Capital LP's holdings in Best Buy were worth $5,057,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Ninety One UK Ltd bought a new position in Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans boosted its holdings in shares of Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer's stock valued at $92,677,000 after buying an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock valued at $241,347,000 after buying an additional 1,024,824 shares in the last quarter. Epoch Investment Partners Inc. increased its holdings in Best Buy by 11,586.7% during the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer's stock worth $53,710,000 after buying an additional 680,257 shares during the last quarter. Finally, KBC Group NV raised its position in Best Buy by 320.4% during the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer's stock worth $67,352,000 after acquiring an additional 655,750 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays boosted their price objective on shares of Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, August 30th. Piper Sandler reissued an "overweight" rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Truist Financial raised their price objective on Best Buy from $86.00 to $107.00 and gave the company a "hold" rating in a research report on Friday, August 30th. Bank of America boosted their target price on Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a report on Friday, August 30th. Finally, Telsey Advisory Group increased their price target on Best Buy from $95.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.41.

Best Buy Price Performance

Shares of NYSE BBY traded up $2.26 during mid-day trading on Friday, reaching $102.26. The company had a trading volume of 3,873,389 shares, compared to its average volume of 3,088,669. The firm has a market cap of $21.96 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 2.56 and a beta of 1.46. The business's 50-day simple moving average is $91.04 and its 200 day simple moving average is $84.02. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

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

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy's dividend payout ratio (DPR) is 65.85%.

Insider Buying and Selling

In other news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares of the company's stock, valued at $4,210,276.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related 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 value of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company's stock, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the firm's stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares of the company's stock, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders have sold 1,383,370 shares of company stock worth $122,233,276 in the last 90 days. 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.