Wealthfront Advisers LLC Sells 60,468 Shares of Best Buy Co., Inc. $BBY

Wealthfront Advisers LLC lessened its position in Best Buy Co., Inc. (NYSE:BBY) by 68.4% in the first quarter, HoldingsChannel reports. The fund owned 27,997 shares of the technology retailer’s stock after selling 60,468 shares during the quarter. Wealthfront Advisers LLC’s holdings in Best Buy were worth $1,797,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. Concurrent Investment Advisors LLC grew its stake in shares of 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 acquiring an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Best Buy in the fourth quarter valued at about $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position 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 purchasing an additional 67,600 shares in the last quarter. Oxbow Advisors LLC bought a new position in shares of Best Buy during the fourth quarter valued at about $6,295,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Best Buy by 8.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 478,965 shares of the technology retailer’s stock worth $33,180,000 after purchasing an additional 38,739 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $85.11 on Tuesday. The firm has a market cap of $17.94 billion, a price-to-earnings ratio of 15.76, a P/E/G ratio of 2.27 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $87.35. The firm’s 50-day simple moving average is $73.26 and its two-hundred day simple moving average is $67.70.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the previous year, the company earned $1.15 earnings per share. The company’s quarterly 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. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio is 71.11%.

Analysts Set New Price Targets

BBY has been the subject of a number of recent analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. Truist Financial boosted their target price on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research note on Friday, May 29th. Citigroup upped their target price on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Wells Fargo & Company increased their price target on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, May 28th. Finally, Morgan Stanley boosted their price objective on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $79.50.

Insiders Place Their Bets

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the firm’s 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 completion of the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 over the last three months. Company insiders own 0.50% of the company’s stock.

About Best Buy

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.