Best Buy Co., Inc. $BBY Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 79.8% in the 1st quarter, Holdings Channel reports. The fund owned 6,616 shares of the technology retailer’s stock after selling 26,098 shares during the period. Sterling Capital Management LLC’s holdings in Best Buy were worth $425,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after purchasing an additional 307,905 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Best Buy by 30.9% in the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock valued at $613,001,000 after purchasing an additional 2,160,968 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock valued at $498,805,000 after purchasing an additional 160,713 shares during the last quarter. Invesco Ltd. increased its stake in Best Buy by 6.1% in the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after purchasing an additional 271,988 shares during the last quarter. Finally, Morgan Stanley lifted its position in Best Buy by 19.1% during the fourth quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock worth $252,881,000 after buying an additional 605,911 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction that occurred 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 transaction, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% 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 Best Buy stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $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 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. 0.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Jefferies Financial Group raised their price target on Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. BNP Paribas Exane increased their price objective on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Truist Financial raised their target price on shares of Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research report on Friday, May 29th. The Goldman Sachs Group raised their target price on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. Finally, Wedbush boosted their target price on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average target price of $79.50.

Best Buy Price Performance

BBY stock opened at $77.81 on Friday. The stock has a 50-day moving average price of $68.18 and a two-hundred day moving average price of $66.81. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. 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 market cap of $16.40 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio is 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.