Cibc World Market Inc. Purchases Shares of 48,416 Best Buy Co., Inc. $BBY

Cibc World Market Inc. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 48,416 shares of the technology retailer’s stock, valued at approximately $3,674,000.

A number of other institutional investors also recently made changes to their positions in the business. Tema ETFs LLC raised its position in Best Buy by 6.5% in the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after purchasing an additional 145 shares during the period. Krane Funds Advisors LLC boosted its position in Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after buying an additional 151 shares during the period. Applied Finance Capital Management LLC grew its stake in shares of Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after buying an additional 157 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Best Buy by 6.2% during the fourth quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock valued at $211,000 after buying an additional 185 shares during the last quarter. Finally, Arjuna Capital increased its holdings in shares of Best Buy by 1.0% in the fourth quarter. Arjuna Capital now owns 20,673 shares of the technology retailer’s stock worth $1,384,000 after buying an additional 195 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is currently owned by company insiders.

Best Buy Trading Up 2.5%

NYSE BBY opened at $87.40 on Thursday. The stock has a market cap of $18.42 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 2.44 and a beta of 1.29. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The stock has a 50 day simple moving average of $82.84 and a two-hundred day simple moving average of $71.17. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. On average, analysts forecast that Best Buy Co., Inc. will post 6.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BBY. The Goldman Sachs Group lifted their price target on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research note on Friday, May 29th. Truist Financial upgraded shares of Best Buy from a “hold” rating to a “buy” rating and raised their target price for the stock from $81.00 to $95.00 in a report on Tuesday, August 11th. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings upgraded shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 29th. Finally, Jefferies Financial Group cut shares of Best Buy from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $85.00 in a research report on Wednesday, August 5th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $83.10.

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.