Bank of Nova Scotia Lowers Stock Position in Best Buy Co., Inc. $BBY

Bank of Nova Scotia cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 57.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 135,388 shares of the technology retailer's stock after selling 179,673 shares during the quarter. Bank of Nova Scotia owned about 0.06% of Best Buy worth $8,692,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Guggenheim reiterated a "buy" rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, May 29th. Wedbush boosted their price objective on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Telsey Advisory Group set a $90.00 price target on Best Buy and gave the company an "outperform" rating in a research note on Friday, May 29th. Finally, DA Davidson reissued a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Monday, June 22nd. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Best Buy presently has an average rating of "Hold" and a consensus target price of $79.50.

Insider Buying and Selling at Best Buy

In other news, 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 transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction dated 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 transaction, the chairman directly owned 10,430,936 shares of the company's stock, valued at $814,656,101.60. This represents a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last 90 days. Company insiders own 0.50% of the company's stock.

Best Buy Price Performance

Shares of NYSE:BBY opened at $85.26 on Monday. The company has a market cap of $17.97 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 2.27 and a beta of 1.30. The business has a 50 day moving average price of $75.59 and a 200 day moving average price of $68.18. 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 Co., Inc. has a twelve month low of $55.10 and a twelve month high of $87.35.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $8.94 billion during 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%.The company's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 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.

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