Procyon Advisors LLC Purchases 12,731 Shares of Best Buy Co., Inc. $BBY

Procyon Advisors LLC increased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 49.4% during the first quarter, Holdings Channel reports. The institutional investor owned 38,491 shares of the technology retailer’s stock after purchasing an additional 12,731 shares during the period. Procyon Advisors LLC’s holdings in Best Buy were worth $2,471,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Torren Management LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. bought a new stake in Best Buy during the fourth quarter worth $25,000. Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the third quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy during the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its holdings in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 311 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on BBY shares. Morgan Stanley lifted their price objective on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. The Goldman Sachs Group increased their price objective on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. DA Davidson reissued a “buy” rating and issued a $90.00 price target on shares of Best Buy in a report on Monday, June 22nd. Weiss Ratings upgraded Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Finally, Daiwa Securities Group upped their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $79.50.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the business’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 sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by company insiders.

Best Buy Price Performance

Shares of Best Buy stock opened at $81.60 on Tuesday. 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 $17.20 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 2.20 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. The company’s fifty day simple moving average is $70.58 and its two-hundred day simple moving average is $67.13.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter 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, equities analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio is presently 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.