Tocqueville Asset Management L.P. Makes New Investment in Best Buy Co., Inc. $BBY

Tocqueville Asset Management L.P. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, Holdings Channel reports. The institutional investor purchased 43,317 shares of the technology retailer’s stock, valued at approximately $3,287,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BBY. Danske Bank A S purchased a new stake in shares of Best Buy during the second quarter worth approximately $7,080,000. Wealthfront Advisers LLC acquired a new stake in Best Buy in the second quarter valued at approximately $731,000. Foster & Motley Inc. acquired a new stake in Best Buy in the second quarter valued at approximately $1,962,000. Meeder Asset Management Inc. purchased a new position in Best Buy in the second quarter worth approximately $1,224,000. Finally, Citizens Financial Group Inc. RI purchased a new position in Best Buy in the second quarter worth approximately $285,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on BBY. Guggenheim reissued a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. Telsey Advisory Group boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. Bank of America initiated coverage on Best Buy in a research note on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target on the stock. Finally, Citigroup upped their price objective on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and an average price target of $83.10.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, the chairman owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Corporate insiders own 0.50% of the company’s stock.

Best Buy Stock Down 4.0%

Shares of NYSE:BBY opened at $85.67 on Friday. The firm has a 50 day simple moving average of $82.01 and a 200-day simple moving average of $70.62. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $18.06 billion, a PE ratio of 15.86, a P/E/G ratio of 2.57 and a beta of 1.29.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period last year, the firm posted $1.15 EPS. The company’s revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.