Best Buy Co., Inc. $BBY Holdings Lifted by HighTower Advisors LLC

HighTower Advisors LLC increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 250.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 101,292 shares of the technology retailer’s stock after purchasing an additional 72,398 shares during the quarter. HighTower Advisors LLC’s holdings in Best Buy were worth $6,779,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Mission Wealth Management LP grew its holdings in shares of Best Buy by 2.5% during the fourth quarter. Mission Wealth Management LP now owns 11,235 shares of the technology retailer’s stock valued at $752,000 after buying an additional 277 shares in the last quarter. High Note Wealth LLC grew its holdings in shares of Best Buy by 30.3% during the fourth quarter. High Note Wealth LLC now owns 2,687 shares of the technology retailer’s stock valued at $180,000 after buying an additional 625 shares in the last quarter. Chase Investment Counsel Corp grew its holdings in shares of Best Buy by 18.9% during the fourth quarter. Chase Investment Counsel Corp now owns 3,528 shares of the technology retailer’s stock valued at $236,000 after buying an additional 562 shares in the last quarter. North Dakota State Investment Board purchased a new position in shares of Best Buy during the fourth quarter valued at $1,958,000. Finally, Elyxium Wealth LLC purchased a new position in shares of Best Buy during the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, EVP Kathleen Scarlett sold 8,049 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares of the company’s stock, valued at $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Corie S. Barry sold 42,869 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 523,138 shares of the company’s stock, valued at $33,491,294.76. This represents a 7.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Weiss Ratings cut Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 7th. Truist Financial reduced their price objective on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research report on Tuesday, March 3rd. UBS Group reissued a “buy” rating and set a $85.00 price objective on shares of Best Buy in a research report on Tuesday. The Goldman Sachs Group cut Best Buy from a “buy” rating to a “sell” rating and set a $59.00 price objective for the company. in a research report on Monday, April 13th. Finally, Wells Fargo & Company reduced their price objective on Best Buy from $70.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 14th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $70.25.

Best Buy Price Performance

BBY opened at $64.54 on Thursday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The stock has a fifty day moving average price of $61.74 and a 200 day moving average price of $66.83. The stock has a market cap of $13.60 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.56 and a beta of 1.22. 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 announced its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. During the same quarter in the previous year, the firm earned $2.58 earnings per share. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were given a $0.96 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Tuesday, March 24th. Best Buy’s payout ratio is presently 76.19%.

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.