12,905 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Scientech Research LLC

Scientech Research LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 12,905 shares of the technology retailer's stock, valued at approximately $1,088,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. raised its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock valued at $27,000 after purchasing an additional 210 shares during the last quarter. Rise Advisors LLC increased its position in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer's stock valued at $26,000 after purchasing 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. PrairieView Partners LLC lifted its position in 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 purchasing an additional 151 shares during the period. Finally, Innealta Capital LLC bought a new position in Best Buy in the second quarter worth $35,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred 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 directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Jason J. Bonfig sold 3,500 shares of the company's 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 owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 13,602,853 shares of the company's stock, valued at $1,200,451,777.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Corporate insiders own 0.59% of the company's stock.

Best Buy Stock Up 2.3 %

BBY stock traded up $2.26 during mid-day trading on Friday, hitting $102.26. 4,033,504 shares of the company were exchanged, compared to its average volume of 3,088,669. 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 Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The firm's 50 day simple moving average is $91.31 and its 200 day simple moving average is $84.20. The firm has a market cap of $22.06 billion, a P/E ratio of 17.91, a P/E/G ratio of 2.56 and a beta of 1.46.

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

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy's dividend payout ratio is presently 65.85%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BBY shares. Citigroup increased their price objective on shares of Best Buy from $100.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Telsey Advisory Group raised their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. Truist Financial lifted their price objective on Best Buy from $86.00 to $107.00 and gave the company a "hold" rating in a report on Friday, August 30th. UBS Group increased their target price on Best Buy from $106.00 to $123.00 and gave the stock a "buy" rating in a report on Friday, August 30th. Finally, Piper Sandler restated an "overweight" rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, Best Buy presently has an average rating of "Moderate Buy" and a consensus target price of $102.41.

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.