TD Asset Management Inc Cuts Stake in Best Buy Co., Inc. (NYSE:BBY)

TD Asset Management Inc cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 45.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,918 shares of the technology retailer’s stock after selling 63,697 shares during the quarter. TD Asset Management Inc’s holdings in Best Buy were worth $6,303,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. EA Series Trust purchased a new position in Best Buy in the second quarter valued at about $222,000. Dark Forest Capital Management LP purchased a new position in Best Buy in the first quarter valued at about $201,000. O Brien Greene & Co. Inc raised its position in Best Buy by 163.7% in the second quarter. O Brien Greene & Co. Inc now owns 156,954 shares of the technology retailer’s stock valued at $12,862,000 after purchasing an additional 97,443 shares during the period. New Mexico Educational Retirement Board raised its position in Best Buy by 3.2% in the second quarter. New Mexico Educational Retirement Board now owns 9,571 shares of the technology retailer’s stock valued at $784,000 after purchasing an additional 300 shares during the period. Finally, Brown Advisory Inc. grew its stake in shares of Best Buy by 9.5% during the first quarter. Brown Advisory Inc. now owns 293,792 shares of the technology retailer’s stock valued at $22,995,000 after acquiring an additional 25,514 shares in the last quarter. 76.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other news, insider Todd G. Hartman sold 7,948 shares of Best Buy stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total transaction of $551,432.24. Following the sale, the insider now owns 13,337 shares of the company’s stock, valued at $925,321.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Todd G. Hartman sold 7,948 shares of Best Buy stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total transaction of $551,432.24. Following the sale, the insider now owns 13,337 shares of the company’s stock, valued at $925,321.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Todd G. Hartman sold 5,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $71.18, for a total value of $355,900.00. Following the sale, the insider now directly owns 21,285 shares in the company, valued at approximately $1,515,066.30. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BBY. Wedbush lowered their target price on Best Buy from $82.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. Wells Fargo & Company lowered their target price on Best Buy from $80.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, November 13th. Truist Financial lowered their target price on Best Buy from $80.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. Telsey Advisory Group lowered their target price on Best Buy from $85.00 to $80.00 and set a “market perform” rating for the company in a research note on Friday. Finally, The Goldman Sachs Group upgraded Best Buy from a “neutral” rating to a “buy” rating and raised their target price for the company from $79.00 to $85.00 in a research note on Thursday, October 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $77.93.

Best Buy Stock Performance

Shares of BBY stock opened at $68.11 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.98 and a debt-to-equity ratio of 0.40. The business has a 50 day moving average of $68.44 and a two-hundred day moving average of $74.28. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $93.32. The company has a market cap of $14.82 billion, a P/E ratio of 11.72, a PEG ratio of 1.80 and a beta of 1.53.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 29th. The technology retailer reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.16. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The company had revenue of $9.58 billion during the quarter, compared to the consensus estimate of $9.52 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. Best Buy’s quarterly revenue was down 7.2% compared to the same quarter last year. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.22 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th were paid a $0.92 dividend. The ex-dividend date of this dividend was Monday, September 18th. This represents a $3.68 dividend on an annualized basis and a yield of 5.40%. Best Buy’s payout ratio is currently 63.34%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.