Todd Asset Management LLC Sells 31,130 Shares of Best Buy Co., Inc. $BBY

Todd Asset Management LLC decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 8.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 323,951 shares of the technology retailer’s stock after selling 31,130 shares during the quarter. Todd Asset Management LLC’s holdings in Best Buy were worth $21,682,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new position in shares of Best Buy during the third quarter valued at $25,000. Torren Management LLC bought a new position in shares of Best Buy during the fourth quarter valued at $25,000. Root Financial Partners LLC bought a new position in shares of Best Buy during the third quarter valued at $32,000. Quest 10 Wealth Builders Inc. increased its holdings in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares in the last quarter. Finally, Activest Wealth Management increased its holdings in shares of Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 424 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy News Roundup

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy is being viewed as likely to post solid first-quarter results, with analysts expecting in-line comparable sales and year-over-year earnings growth, which could help support the stock if the company meets those expectations. Best Buy Poised for In-Line First-Quarter Comparable Sales, Wedbush Says
• Positive Sentiment: Recent momentum has improved, with the stock outperforming over the past week even though it remains down year to date, suggesting investors may be positioning for the upcoming report. A Look At Best Buy Valuation As Earnings Expectations And Cautious Sentiment Shape The May 28 Report
• Neutral Sentiment: New back-to-school-style promotions in Canada, such as BMO’s student tech reward tied to Best Buy Canada, may help traffic, but the announcement appears more promotional than material for near-term earnings. Is Best Buy’s Student Tech Perks Masking Deeper Supply Chain And Leadership Questions?
• Negative Sentiment: Investor caution is rising because Best Buy is dealing with product shortages and an upcoming CEO transition, both of which could cloud the earnings outlook and pressure sentiment if management gives a conservative forecast. Is Best Buy’s Student Tech Perks Masking Deeper Supply Chain And Leadership Questions?
• Negative Sentiment: Several previews note that Best Buy may not have the best setup for an earnings beat, which could limit upside if results only match expectations rather than exceed them. Best Buy (BBY) Q1 Earnings Preview: What You Should Know Beyond the Headline Estimates

Best Buy Trading Down 0.2%

Shares of NYSE:BBY opened at $61.53 on Monday. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.52 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The stock’s 50-day simple moving average is $61.72 and its two-hundred day simple moving average is $67.18. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $84.99.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.13. The business had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the firm posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts expect that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were given a $0.96 dividend. The ex-dividend date of this dividend was Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a yield of 6.2%. Best Buy’s payout ratio is 76.19%.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 11,356 shares of Best Buy stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the transaction, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at $4,922,113.68. The trade was a 12.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd G. Hartman sold 5,339 shares of Best Buy stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $341,802.78. Following the transaction, the insider directly owned 44,098 shares in the company, valued at approximately $2,823,153.96. The trade was a 10.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BBY shares. Jefferies Financial Group reduced their price target on Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a report on Monday, February 9th. Daiwa Securities Group reduced their price target on Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday, March 5th. Weiss Ratings downgraded Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. downgraded Best Buy from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $99.00 to $76.00 in a report on Monday, February 2nd. Finally, Wells Fargo & Company reduced their price target on Best Buy from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, May 14th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $70.80.

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.