NewEdge Advisors LLC Lowers Holdings in Best Buy Co., Inc. $BBY

NewEdge Advisors LLC decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,883 shares of the technology retailer’s stock after selling 6,816 shares during the quarter. NewEdge Advisors LLC’s holdings in Best Buy were worth $3,973,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Torren Management LLC bought a new position in Best Buy during the 4th quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy in the 4th quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy during the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. increased its holdings in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after buying an additional 311 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 0.4%

Best Buy stock opened at $82.96 on Thursday. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.26. The business has a fifty day moving average price of $80.51 and a 200-day moving average price of $69.74. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The stock has a market capitalization of $17.49 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 2.40 and a beta of 1.29.

Best Buy (NYSE:BBY) last announced 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 company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period in the prior year, the company posted $1.15 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. 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. Investors of record on Thursday, June 18th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Morgan Stanley upped their target price on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Wedbush raised their price objective on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Wall Street Zen lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Wells Fargo & Company increased their price target on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Telsey Advisory Group raised their price target on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $82.25.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy 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 completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following 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 SEC filing for this sale provides additional information. Insiders sold a total of 1,002,134 shares of company stock valued at $77,283,527 over the last quarter. 0.50% of the stock is owned by company insiders.

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.