SG Americas Securities LLC Decreases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

SG Americas Securities LLC trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 41.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,525 shares of the technology retailer’s stock after selling 68,383 shares during the period. SG Americas Securities LLC’s holdings in Best Buy were worth $7,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Rakuten Securities Inc. raised its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. raised its holdings in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC raised its holdings in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 374 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This represents a 13.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 729,201 shares of the firm’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman now directly owns 196,100 shares in the company, valued at approximately $14,305,495. The trade was a 78.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 807,556 shares of company stock valued at $58,962,426. 0.47% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent research reports. Guggenheim reaffirmed a “buy” rating and set a $90.00 price objective on shares of Best Buy in a report on Tuesday. Wedbush decreased their price target on Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 30th. Piper Sandler decreased their price target on Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Morgan Stanley decreased their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, Barclays decreased their price target on Best Buy from $89.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $86.11.

Best Buy Stock Performance

Shares of Best Buy stock opened at $72.63 on Thursday. The stock’s fifty day moving average is $67.31 and its two-hundred day moving average is $77.95. The company has a market capitalization of $15.37 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the prior year, the company earned $1.20 EPS. The business’s revenue was down .9% compared to the same quarter last year. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s payout ratio is 92.91%.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.