Mutual of America Capital Management LLC Trims Stock Position in Best Buy Co., Inc. (NYSE:BBY)

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Mutual of America Capital Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 0.7% during the first quarter, Holdings Channel reports. The firm owned 46,445 shares of the technology retailer’s stock after selling 342 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Best Buy were worth $4,222,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. IFM Investors Pty Ltd increased its position in Best Buy by 17.4% during the 1st quarter. IFM Investors Pty Ltd now owns 35,466 shares of the technology retailer’s stock valued at $3,224,000 after purchasing an additional 5,249 shares during the period. State Street Corp increased its position in Best Buy by 2.8% during the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock valued at $1,063,725,000 after purchasing an additional 282,542 shares during the period. abrdn plc grew its position in shares of Best Buy by 0.5% in the 4th quarter. abrdn plc now owns 147,880 shares of the technology retailer’s stock worth $15,024,000 after buying an additional 696 shares during the period. Atlas Capital Advisors LLC grew its position in shares of Best Buy by 68.8% in the 4th quarter. Atlas Capital Advisors LLC now owns 4,805 shares of the technology retailer’s stock worth $488,000 after buying an additional 1,958 shares during the period. Finally, Edmond DE Rothschild Holding S.A. grew its position in shares of Best Buy by 92.6% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 20,328 shares of the technology retailer’s stock worth $2,066,000 after buying an additional 9,775 shares during the period. 80.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Piper Sandler reduced their target price on shares of Best Buy to $91.00 in a research report on Wednesday, May 25th. Bank of America downgraded shares of Best Buy from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 14th. Wells Fargo & Company reduced their target price on shares of Best Buy to $82.00 in a research report on Wednesday, May 25th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $82.00 target price (down from $96.00) on shares of Best Buy in a research report on Tuesday, June 7th. Finally, Truist Financial dropped their price target on shares of Best Buy to $83.00 and set a “hold” rating on the stock in a research note on Thursday, May 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $95.44.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 44,619 shares of the stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total value of $3,599,860.92. Following the transaction, the chief executive officer now owns 319,701 shares in the company, valued at approximately $25,793,476.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Allison Peterson sold 1,646 shares of the stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total value of $132,799.28. Following the completion of the sale, the insider now directly owns 39,030 shares of the company’s stock, valued at approximately $3,148,940.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Corie S. Barry sold 44,619 shares of the stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total transaction of $3,599,860.92. Following the completion of the sale, the chief executive officer now directly owns 319,701 shares of the company’s stock, valued at $25,793,476.68. The disclosure for this sale can be found here. Insiders have sold 63,011 shares of company stock worth $5,036,334 in the last quarter. Company insiders own 0.44% of the company’s stock.

Best Buy Price Performance

BBY opened at $75.84 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.24 and a current ratio of 0.96. The stock has a market capitalization of $17.08 billion, a P/E ratio of 8.42, a P/E/G ratio of 1.04 and a beta of 1.47. The company’s 50-day simple moving average is $73.93 and its two-hundred day simple moving average is $88.53. Best Buy Co., Inc. has a 52-week low of $64.29 and a 52-week high of $141.97.

Best Buy (NYSE:BBYGet Rating) last posted its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.59 by ($0.02). Best Buy had a net margin of 4.33% and a return on equity of 63.39%. The company had revenue of $10.65 billion for the quarter, compared to the consensus estimate of $10.43 billion. During the same quarter in the prior year, the company posted $2.23 EPS. Best Buy’s revenue was down 8.5% on a year-over-year basis. As a group, analysts predict that Best Buy Co., Inc. will post 8.69 EPS for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend was Monday, June 13th. Best Buy’s dividend payout ratio (DPR) is presently 39.07%.

Best Buy Profile

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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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