Virtu Financial LLC Invests $994,000 in Best Buy Co., Inc. (NYSE:BBY)

Virtu Financial LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 12,112 shares of the technology retailer’s stock, valued at approximately $994,000.

A number of other institutional investors also recently modified their holdings of the company. Bfsg LLC purchased a new stake in Best Buy in the 4th quarter valued at $25,000. Rise Advisors LLC raised its position in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in Best Buy in the 1st quarter valued at $27,000. Naples Money Management LLC purchased a new stake in Best Buy in the 4th quarter valued at $27,000. Finally, Access Investment Management LLC purchased a new stake in shares of Best Buy during the 4th quarter valued at $27,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BBY. Wedbush reaffirmed a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Jefferies Financial Group decreased their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Truist Financial reaffirmed a “hold” rating and set a $86.00 target price on shares of Best Buy in a research report on Monday, July 1st. Evercore ISI raised their target price on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. Finally, UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and increased their price target for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.87.

Best Buy Stock Down 3.9 %

Shares of NYSE BBY opened at $82.37 on Friday. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $93.72. The business has a 50-day simple moving average of $85.87 and a two-hundred day simple moving average of $79.38. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $17.77 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.76 and a beta of 1.48.

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

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.56%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Activity

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 completion of 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 filing with the SEC, which is accessible through this hyperlink. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,383,370 shares of company stock worth $288,293,276. 0.59% of the stock is currently owned by insiders.

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.