Winthrop Partners WNY LLC Takes Position in Best Buy Co., Inc. $BBY

Winthrop Partners WNY LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 11,805 shares of the technology retailer’s stock, valued at approximately $790,000.

A number of other large investors also recently modified their holdings of the business. AQR Capital Management LLC grew its position in Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after buying an additional 3,496,254 shares in the last quarter. Norges Bank acquired a new position in Best Buy in the 4th quarter valued at approximately $174,685,000. Schroder Investment Management Group lifted its position in shares of Best Buy by 378.8% in the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after acquiring an additional 2,449,342 shares during the period. Hsbc Holdings PLC lifted its position in shares of Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after acquiring an additional 1,030,544 shares during the period. Finally, KBC Group NV grew its holdings in shares of Best Buy by 293.6% during the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after purchasing an additional 785,294 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other news, CEO Corie S. Barry sold 42,869 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the transaction, the chief executive officer owned 523,138 shares of the company’s stock, valued at approximately $33,491,294.76. This trade represents a 7.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman directly owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 660,780 shares of company stock worth $49,530,325. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BBY shares. Wells Fargo & Company boosted their price target on shares of Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a report on Thursday, May 28th. The Goldman Sachs Group raised their price objective on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. Telsey Advisory Group set a $90.00 target price on shares of Best Buy and gave the company an “outperform” rating in a research report on Friday, May 29th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Finally, Evercore increased their price target on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $79.05.

Best Buy Stock Up 0.2%

NYSE BBY opened at $74.89 on Friday. The stock’s 50 day simple moving average is $65.59 and its 200 day simple moving average is $66.62. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99. The firm has a market cap of $15.78 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.99 and a beta of 1.30. 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 (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping 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 net margin of 2.73% and a return on equity of 48.70%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. The ex-dividend date is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 5.1%. Best Buy’s dividend payout ratio is presently 71.11%.

About Best Buy

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.