Best Buy Co., Inc. $BBY Shares Sold by Alps Advisors Inc.

Key Points

• Alps Advisors cut its Best Buy stake by 7.1% in the third quarter, selling 24,360 shares and ending the period with 320,099 shares valued at about $28.2 million.
• Best Buy reported quarterly EPS of $1.47, topping the $1.39 consensus, while revenue of $9.78 billion exceeded estimates and rose 3.6% year over year.
• Insiders sold shares, including Chairman Richard Schulze’s sale of 300,000 shares; analysts’ consensus rating was “Hold,” with an average price target of $87.35. The company’s quarterly dividend was $0.96 per share, a 3.9% yield at the cited share price.

Alps Advisors Inc. lessened its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 320,099 shares of the technology retailer's stock after selling 24,360 shares during the period. Alps Advisors Inc. owned 0.15% of Best Buy worth $28,246,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kintegral Advisory LLC raised its position in Best Buy by 0.6% in the third quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer's stock valued at $2,100,000 after purchasing an additional 133 shares during the period. Tema ETFs LLC increased its position in Best Buy by 6.5% in the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer's stock worth $179,000 after purchasing an additional 145 shares during the last quarter. Probity Advisors Inc. raised its stake in Best Buy by 3.3% during the third quarter. Probity Advisors Inc. now owns 4,657 shares of the technology retailer's stock worth $411,000 after acquiring an additional 149 shares in the last quarter. B. Metzler seel. Sohn & Co. AG lifted its stake in Best Buy by 1.0% in the second quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer's stock valued at $1,109,000 after buying an additional 151 shares in the last quarter. Finally, Ashurst Perkins Coie Trust Co raised its position in shares of Best Buy by 75.1% in the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer's stock valued at $35,000 after buying an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the company's stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the business's stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The SEC filing for this sale provides additional information. 0.50% of the stock is owned by insiders.

Best Buy Stock Up 0.2%

Shares of NYSE:BBY opened at $99.58 on Friday. The company's 50-day moving average price is $91.57 and its two-hundred day moving average price is $76.10. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $103.54. 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 firm has a market cap of $20.89 billion, a P/E ratio of 16.57, a P/E/G ratio of 2.40 and a beta of 1.20.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company's revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio is currently 63.89%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group raised their target price on shares of Best Buy from $62.00 to $71.00 and gave the stock a "sell" rating in a research report on Friday, August 28th. Piper Sandler raised their price objective on Best Buy from $77.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, August 20th. Jefferies Financial Group cut Best Buy from a "buy" rating to a "hold" rating and cut their target price for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 target price on the stock. in a research report on Monday, July 13th. Finally, Guggenheim boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $87.35.

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.

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