SG Americas Securities LLC Raises Stock Position in Best Buy Co., Inc. $BBY

SG Americas Securities LLC grew its position in Best Buy Co., Inc. (NYSE:BBY) by 223.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,445 shares of the technology retailer’s stock after buying an additional 44,494 shares during the period. SG Americas Securities LLC’s holdings in Best Buy were worth $4,313,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Best Buy by 2.4% in the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after acquiring an additional 552,360 shares during the last quarter. State Street Corp increased its stake in Best Buy by 3.8% during the second quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after acquiring an additional 496,215 shares during the last quarter. AQR Capital Management LLC raised its position in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the period. Invesco Ltd. raised its position in Best Buy by 15.8% in the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after purchasing an additional 621,863 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Best Buy by 5.5% in the 3rd quarter. Northern Trust Corp now owns 2,888,664 shares of the technology retailer’s stock valued at $218,441,000 after purchasing an additional 150,871 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays cut their price objective on Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday, January 8th. Piper Sandler reaffirmed a “buy” rating on shares of Best Buy in a research report on Wednesday, March 4th. HSBC lowered their target price on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Telsey Advisory Group decreased their price objective on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $75.95.

Insider Activity

In other Best Buy news, CAO Mathew Watson sold 3,298 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $211,137.96. Following the completion of the transaction, the chief accounting officer owned 23,192 shares in the company, valued at $1,484,751.84. The trade was a 12.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares in the company, valued at $33,491,294.76. This represents a 7.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 77,247 shares of company stock worth $4,945,353 over the last 90 days. Company insiders own 0.47% of the company’s stock.

Best Buy Price Performance

BBY opened at $64.44 on Thursday. The stock’s 50-day moving average price is $64.85 and its 200 day moving average price is $71.28. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $84.99. The firm has a market cap of $13.47 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.58 and a beta of 1.35. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.Best Buy’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.0%. This is an increase from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

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.