Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Plato Investment Management Ltd

Plato Investment Management Ltd raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 271.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 2,417 shares of the technology retailer’s stock after acquiring an additional 1,766 shares during the period. Plato Investment Management Ltd’s holdings in Best Buy were worth $204,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BBY. Norges Bank acquired a new stake in shares of Best Buy during the fourth quarter valued at $165,164,000. Ninety One UK Ltd purchased a new stake in Best Buy in the second quarter valued at approximately $121,325,000. Bank of New York Mellon Corp boosted its stake in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Epoch Investment Partners Inc. boosted its holdings in shares of Best Buy by 11,586.7% during the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock worth $53,710,000 after buying an additional 680,257 shares during the period. Finally, KBC Group NV raised its position in shares of Best Buy by 320.4% in the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock worth $67,352,000 after purchasing an additional 655,750 shares in the last quarter. 80.96% of shares are owned by institutional investors.

Performance at the best purchase price

Shares of NYSE:BBY opened at $98.79 on Tuesday. The stock has a market cap of $21.31 billion, a P/E ratio of 17.30, a P/E/G ratio of 2.56 and a beta of 1.46. The company has a 50 day moving average of $89.14 and a two hundred day moving average of $82.95. Best Buy Co., Inc. it has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01, and a quick ratio of 0.34.

Best Buy (NYSE:BBY – Get Your Free Report ) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the company earned $1.22 EPS. The company’s revenue for the quarter was down 3.1% year over year. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.26 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19. This represents a dividend of $3.76 on an annualized basis and a yield of 3.81%. Best Buy’s payout ratio is currently 65.85%.

Changes in Analyst Ratings

Several brokerages have recently commented on BBY. Barclays upped their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Truist Financial raised their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Wedbush upped their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, UBS Group upped their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Moderate Buy” and a consensus price target of $102.56, according to MarketBeat.

Read our latest report on ABY

Insider buying and selling

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. In other news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a filing with the SEC, which can be accessed via this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 in the last quarter. 0.59% of shares are currently owned by company insiders.

Best Buy Company Profile

(Free report)

Best Buy Co, Inc is engaged in the retail sale of technology products in the United States, Canada and internationally. Its stores offer computing and mobile products such as desktops, notebooks and peripherals; Mobile phones including mobile network operator fees; network products; tablets covering e-readers; smart watches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio including headphones and portable speakers, and smart home products, as well as home theater systems, which includes home theater accessories, sound bars and televisions.

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