QRG Capital Management Inc. cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 50.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,304 shares of the technology retailer’s stock after selling 6,474 shares during the quarter. QRG Capital Management Inc.’s holdings in Best Buy were worth $405,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Concurrent Investment Advisors LLC boosted its holdings in Best Buy by 100.6% in the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock worth $4,704,000 after buying an additional 35,239 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Best Buy during the fourth quarter valued at approximately $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in shares of Best Buy by 42.9% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock valued at $15,059,000 after acquiring an additional 67,600 shares during the last quarter. Trust Investment Advisors purchased a new position in shares of Best Buy in the third quarter valued at approximately $1,939,000. Finally, Oxbow Advisors LLC purchased a new position in shares of Best Buy in the fourth quarter valued at approximately $6,295,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts recently commented on BBY shares. Truist Financial boosted their price target on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research report on Friday, May 29th. Citigroup raised their price objective on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, May 29th. DA Davidson reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Monday, June 22nd. Guggenheim reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Friday, May 29th. Finally, Wedbush upped their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average price target of $79.50.
Insider Buying and Selling
In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy 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 sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,002,134 shares of company stock worth $77,283,527 over the last quarter. 0.50% of the stock is currently owned by insiders.
Best Buy Price Performance
Best Buy stock opened at $82.97 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $70.16 and a 200 day moving average price of $67.07. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. The stock has a market cap of $17.49 billion, a P/E ratio of 15.37, a PEG ratio of 2.13 and a beta of 1.30.
Best Buy (NYSE:BBY – Get Free Report) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. 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 previous year, the business posted $1.15 EPS. Best Buy’s revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.
Best Buy Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.6%. Best Buy’s dividend payout ratio is currently 71.11%.
Best Buy Company 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.
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