Best Buy Co., Inc. (NYSE: BBY) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC acquired Best Buy Company, Inc. in the second quarter. (NYSE: BBY – Get Rating) has reduced its stake by 21.7%, according to the company in a recent filing with the Securities and Exchange Commission. The firm owned 36,366 shares of the technology retailer’s stock after selling 10,079 shares during the quarter. Mutual of America Capital Management LLC’s holding in Best Buy was $2,371,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings in BBY. Metis Global Partners LLC increased its stake in Best Buy to 78.0% in the first quarter. Metis Global Partners LLC now owns 3,504 shares of the technology retailer’s stock valued at $318,000 after buying an additional 1,535 shares during the period. Arizona State Retirement System boosted its stake in Best Buy by 0.4% in the first quarter. Arizona State Retirement System now owns 61,619 shares of the technology retailer’s stock worth $5,601,000 after buying an additional 243 shares during the period. ABRDN plc increased its stake in Best Buy to 31.4% in the first quarter. ABRDN plc now owns 194,348 shares of the technology retailer’s stock valued at $18,056,000 after buying an additional 46,468 shares during the period. Versor Investments LP acquired a new position in Best Buy of approximately $273,000 in the first quarter. Lastly, Envestnet Asset Management Inc. raised its stake in Best Buy to 6.5% in the first quarter. Envestnet Asset Management Inc., after buying an additional 26,223 shares during the period. owns 432,606 shares of the technology retailer’s stock valued at $39,324,000. Institutional investors and hedge funds own 79.86% of the company’s stock.

Best Buy Trading 12.8%

Shares of Best Buy stock opened Wednesday at $79.88. The firm has a market capitalization of $17.98 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 0.66, and a beta of 1.46. Best Buy Co., Inc. The 52-week low is $60.78 and the 52-week high is $121.87. The company has a debt-to-equity ratio of 0.41, quick ratio of 0.27 and current ratio of 0.96. The stock has a 50-day moving average of $68.00 and a 200-day moving average of $73.04.

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Best Buy (NYSE: BBY – GET Rating) last released its quarterly earnings data on Tuesday, November 22. The technology retailer reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.35. The company’s revenue during the quarter was $10.59 billion, compared to analyst estimates of $10.30 billion. Best Buy’s return on equity was 57.98% and net margin was 3.60%. The firm’s revenue for the quarter was down 11.1% as compared to the same quarter last year. During the same period in the prior year, the business posted earnings per share of $2.08. As a group, research analysts estimate that Best Buy Company, Inc. Will report 6.17 earnings per share for the current year.

Best Buy declares dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 11. Investors of record were paid a dividend of $0.88 on Tuesday, September 20. The ex-dividend date of this dividend was Monday, September 19. This represents a $3.52 annual dividend and a yield of 4.41%. Best Buy’s payout ratio is 47.18%.

insider buying and selling

In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a single transaction on Monday, Sept. 19. The stock was sold at an average price of $72.37 for a total transaction of $1,814,388.27. Following the transaction, the executive vice president now directly owns 50,101 shares in the company, valued at $3,625,809.37. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the SEC website. In other Best Buy news, EVP Damian Harmon sold 1,308 shares of the company’s stock in a transaction on Friday, Sept. 9. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the transaction, the executive vice president now directly owns 44,910 shares in the company, valued at $3,439,207.80. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the SEC website. Additionally, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the transaction, the executive vice president now holds 50,101 shares in the company, valued at $3,625,809.37. Disclosure of this sale can be found here. In the past three months, insiders sold 26,533 shares of company stock valued at $1,925,382. Company insiders hold 0.44% of the company’s stock.

Wall Street analysts forecast growth

Several research firms have weighed in on BBY recently. Wells Fargo & Company cut their price target on Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the company in a report on Thursday, July 28. Goldman Sachs Group raised its price target on Best Buy from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday. Citigroup raised its price objective on Best Buy from $59.00 to $61.00 and gave the stock a “Sell” rating in a research note on Wednesday, August 31. Telsey Advisory Group cut its price objective on Best Buy from $88.00 to $82.00 and set an “outperform” rating on the company in a research note on Thursday, July 28. Finally, Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Thursday, July 28 and decreased its price objective for the stock from $106.00 to $71.00. One investment analyst has rated the stock with a Sell rating, ten have given a Hold rating and six have issued a Buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $82.88, based on data from Marketbeat.

Best Buy Company Profile

(get rating)

Best Buy Company, Inc. retails technology products in the United States and Canada. The company operates in two segments, domestic and international. Its stores offer computing products, such as desktops, notebooks and peripherals; mobile phones with associated mobile network carrier commissions; networking products; tablet covering e-reader; smartwatch; and consumer electronics including digital imaging, health and fitness, home theater, portable audio including headphones and portable speakers, and smart home products.

Further reading

Want to see what other hedge funds are holding BBY? Best Buy Co., Inc. (NYSE:BBY – Get Rating) Visit HoldingsChannel.com to get the latest 13F filings and insider trades.

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

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