Janney Montgomery Scott LLC Buys 256,052 Shares of Best Buy Co., Inc. $BBY

Janney Montgomery Scott LLC increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 2,062.4% during the first quarter, HoldingsChannel.com reports. The firm owned 268,467 shares of the technology retailer’s stock after buying an additional 256,052 shares during the period. Janney Montgomery Scott LLC’s holdings in Best Buy were worth $17,236,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position 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 valued at $1,623,409,000 after buying an additional 307,905 shares during the period. AQR Capital Management LLC boosted 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 acquiring an additional 2,160,968 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Best Buy by 2.2% during 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 acquiring an additional 160,713 shares in the last quarter. Invesco Ltd. increased its holdings in Best Buy by 6.1% during the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after acquiring an additional 271,988 shares during the period. Finally, Morgan Stanley increased its holdings in Best Buy by 19.1% during the 4th quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock worth $252,881,000 after acquiring an additional 605,911 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the firm’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 value of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Insiders own 0.50% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $75.80 on Wednesday. The company has a 50-day simple moving average of $67.47 and a two-hundred day simple moving average of $66.69. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. The firm has a market cap of $15.98 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 2.07 and a beta of 1.30. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be issued a $0.96 dividend. The ex-dividend date is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.1%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Analyst Upgrades and Downgrades

BBY has been the subject of several analyst reports. BNP Paribas Exane raised their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Wells Fargo & Company upped their price target on shares of Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, May 28th. JPMorgan Chase & Co. increased their price objective on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. UBS Group reissued a “neutral” rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Finally, Daiwa Securities Group boosted their target price on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $79.50.

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.