Transform Wealth LLC Sells 38,169 Shares of Best Buy Co., Inc. (NYSE:BBY)

Transform Wealth LLC reduced its stake in Best Buy Co., Inc. (NYSE:BBYGet Rating) by 59.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,121 shares of the technology retailer’s stock after selling 38,169 shares during the quarter. Transform Wealth LLC’s holdings in Best Buy were worth $1,725,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Capital Advisory Group Advisory Services LLC bought a new stake in Best Buy during the first quarter valued at about $27,000. Adirondack Trust Co. purchased a new position in shares of Best Buy during the first quarter valued at about $30,000. Mascoma Wealth Management LLC grew its position in shares of Best Buy by 77.9% during the first quarter. Mascoma Wealth Management LLC now owns 386 shares of the technology retailer’s stock valued at $35,000 after purchasing an additional 169 shares in the last quarter. Concord Wealth Partners grew 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 valued at $35,000 after purchasing an additional 110 shares in the last quarter. Finally, BerganKDV Wealth Management LLC grew its position in shares of Best Buy by 13,566.7% during the second quarter. BerganKDV Wealth Management LLC now owns 410 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 407 shares in the last quarter. 79.86% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research analyst reports. UBS Group cut their price objective on Best Buy from $80.00 to $76.00 and set a “neutral” rating for the company in a research report on Thursday, July 28th. Morgan Stanley dropped their price target on Best Buy from $82.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 31st. Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and dropped their price target for the stock from $106.00 to $71.00 in a research report on Thursday, July 28th. DA Davidson dropped their price target on Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, August 31st. Finally, Truist Financial lifted their price target on Best Buy from $67.00 to $69.00 and gave the stock a “hold” rating in a research report on Wednesday, August 31st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Best Buy currently has an average rating of “Hold” and an average price target of $86.13.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 890 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $79.09, for a total transaction of $70,390.10. Following the sale, the chief financial officer now directly owns 59,513 shares of the company’s stock, valued at $4,706,883.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $72.37, for a total value of $1,814,388.27. Following the sale, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew M. Bilunas sold 890 shares of the company’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $79.09, for a total transaction of $70,390.10. Following the completion of the sale, the chief financial officer now directly owns 59,513 shares in the company, valued at $4,706,883.17. The disclosure for this sale can be found here. Insiders have sold 27,325 shares of company stock valued at $1,988,933 over the last ninety days. 0.44% of the stock is currently owned by insiders.

Best Buy Stock Down 1.4 %

NYSE BBY traded down $0.95 on Friday, hitting $67.62. The stock had a trading volume of 87,622 shares, compared to its average volume of 3,109,281. The business’s fifty day moving average price is $75.71 and its 200 day moving average price is $81.68. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.96 and a quick ratio of 0.27. Best Buy Co., Inc. has a 52-week low of $64.29 and a 52-week high of $141.97. The stock has a market cap of $15.22 billion, a price-to-earnings ratio of 9.19, a price-to-earnings-growth ratio of 0.64 and a beta of 1.50.

Best Buy (NYSE:BBYGet Rating) last released its quarterly earnings results on Tuesday, August 30th. The technology retailer reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.27. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. The business had revenue of $10.33 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same period in the previous year, the company earned $2.98 earnings per share. The business’s revenue for the quarter was down 12.8% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.17 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Stockholders of record on Tuesday, September 20th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 5.21%. The ex-dividend date is Monday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 47.18%.

Best Buy Profile

(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.

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

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