Hsbc Holdings PLC Sells 34,735 Shares of Best Buy Co., Inc. $BBY

Hsbc Holdings PLC lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 1.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,980,304 shares of the technology retailer’s stock after selling 34,735 shares during the quarter. Hsbc Holdings PLC owned approximately 0.95% of Best Buy worth $127,553,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BBY. Torren Management LLC purchased a new position in Best Buy during the fourth quarter valued at $25,000. MV Capital Management Inc. purchased a new stake in Best Buy in the 4th quarter worth $25,000. Palisade Asset Management LLC purchased a new stake in Best Buy in the 3rd quarter worth $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy during the 4th quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its holdings in shares of Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BBY. Daiwa Securities Group lifted their target price on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Wells Fargo & Company increased their price target on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. Truist Financial raised their price target on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a report on Friday, May 29th. Morgan Stanley lifted their price objective on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. upped their price objective on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $79.50.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction on Friday, June 26th. The stock was 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 $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,002,134 shares of company stock valued at $77,283,527 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Best Buy Stock Performance

Best Buy stock opened at $85.75 on Friday. The company’s 50-day moving average price is $72.71 and its 200-day moving average price is $67.58. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The company has a market cap of $18.07 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $87.35.

Best Buy (NYSE:BBY) last announced its quarterly 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. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

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