Best Buy Co., Inc. $BBY Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 44.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 132,270 shares of the technology retailer’s stock after selling 105,854 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Best Buy were worth $8,492,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Torren Management LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy during the fourth quarter valued at approximately $25,000. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the third quarter worth $25,000. Hillsdale Investment Management Inc. acquired a new position in shares of Best Buy during the fourth quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its stake in shares of Best Buy by 239.2% in the fourth 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 period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Down 0.2%

BBY stock opened at $77.81 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 firm has a 50 day simple moving average of $68.18 and a 200-day simple moving average of $66.81. The company has a market capitalization of $16.40 billion, a P/E ratio of 14.41, a PEG ratio of 2.08 and a beta of 1.30. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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 for 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 was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BBY shares. Morgan Stanley raised their price target on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Citigroup upped their price objective on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Wells Fargo & Company raised their target price 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. Finally, Wedbush lifted their target price on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $79.50.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the transaction, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This 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 valued at $77,283,527 over the last quarter. Insiders own 0.50% of the company’s stock.

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.