Sterling Capital Management LLC Cuts Position in Best Buy Co., Inc. $BBY

Sterling Capital Management LLC lowered its holdings in Best Buy Co., Inc. (NYSE:BBY) by 79.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,616 shares of the technology retailer’s stock after selling 26,098 shares during the quarter. Sterling Capital Management LLC’s holdings in Best Buy were worth $425,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in BBY. Krane Funds Advisors LLC increased its holdings in shares of Best Buy by 3.0% in the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its holdings in Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after buying an additional 152 shares in the last quarter. Applied Finance Capital Management LLC boosted its holdings in Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after buying an additional 157 shares in the last quarter. International Private Wealth Advisors LLC grew its position in Best Buy by 5.2% during the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after buying an additional 165 shares during the period. Finally, J. Team Financial Inc. grew its position in Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after buying an additional 171 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BBY. BNP Paribas Exane lifted their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Daiwa Securities Group upped their price target on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Wedbush raised their price objective on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Guggenheim reaffirmed a “buy” rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, May 29th. Finally, Wells Fargo & Company boosted their target price on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 28th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Best Buy has a consensus rating of “Hold” and a consensus price target of $79.50.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction dated 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 transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. The trade was a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Corporate insiders own 0.50% of the company’s stock.

Best Buy Trading Down 0.2%

Shares of Best Buy stock opened at $77.81 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The company has a market capitalization of $16.40 billion, a P/E ratio of 14.41, a P/E/G ratio of 2.08 and a beta of 1.30. The business has a 50 day moving average price of $68.18 and a 200 day moving average price of $66.81.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (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 analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

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

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.