Best Buy Co., Inc. $BBY Stock: Skylands Capital LLC Cuts Holdings

Skylands Capital LLC lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.0% in the third quarter, HoldingsChannel reports. The firm owned 44,725 shares of the technology retailer’s stock after selling 18,275 shares during the period. Skylands Capital LLC’s holdings in Best Buy were worth $3,947,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of BBY. BlackRock Inc. bought a new stake in Best Buy in the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in shares of Best Buy in the second quarter valued at approximately $174,893,000. KBC Group NV lifted its position in shares of Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after buying an additional 531,998 shares during the last quarter. Deutsche Bank AG bought a new position in shares of Best Buy during the 2nd quarter worth approximately $116,003,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Best Buy by 113.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after acquiring an additional 770,339 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BBY shares. Evercore set a $95.00 target price on Best Buy in a report on Tuesday. Wells Fargo & Company increased their price target on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Guggenheim raised their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, August 28th. Loop Capital cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective for the company. in a research report on Monday, July 13th. Finally, Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $85.90.

Insider Activity at Best Buy

In related news, Chairman Richard Schulze sold 300,000 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.50% of the company’s stock.

Best Buy Stock Up 0.3%

Best Buy stock opened at $94.16 on Thursday. The company’s 50-day moving average price is $88.79 and its two-hundred day moving average price is $78.19. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The stock has a market cap of $19.75 billion, a P/E ratio of 15.67, a P/E/G ratio of 2.35 and a beta of 1.26. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $96.53.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.