Ameriprise Financial Inc. Sells 84,170 Shares of Best Buy Co., Inc. $BBY

Key Points

• Ameriprise Financial Inc. reduced its holdings in Best Buy by 11.6%, selling 84,170 shares, and currently owns approximately 0.30% of the company, valued at around $47 million.
• Best Buy's Chairman, Richard M. Schulze, sold over 729,201 shares of the company's stock, resulting in a significant decrease in his ownership by 78.81%.
• Best Buy's stock is presently rated as a "Hold" by analysts, with an average target price of $84.50, following recent revisions from various investment firms.

Ameriprise Financial Inc. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 11.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 638,963 shares of the technology retailer's stock after selling 84,170 shares during the period. Ameriprise Financial Inc. owned about 0.30% of Best Buy worth $47,062,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. boosted its holdings in Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after buying an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the fourth quarter worth approximately $31,000. Ancora Advisors LLC boosted its holdings in Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after buying an additional 374 shares in the last quarter. Grove Bank & Trust boosted its holdings in Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after buying an additional 173 shares in the last quarter. Finally, LRI Investments LLC boosted its holdings in Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after buying an additional 141 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. The trade was a 78.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BBY shares. Evercore ISI raised their target price on shares of Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a report on Friday. Barclays reaffirmed an "equal weight" rating and issued a $74.00 price objective on shares of Best Buy in a research note on Friday. Loop Capital decreased their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Guggenheim reaffirmed a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday. Finally, BNP Paribas raised shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Ten research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $84.44.

Best Buy Stock Up 1.3%

BBY stock traded up $0.93 during midday trading on Friday, reaching $73.59. The company had a trading volume of 4,436,142 shares, compared to its average volume of 3,606,198. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $15.55 billion, a P/E ratio of 20.33, a PEG ratio of 1.95 and a beta of 1.19. The company has a 50 day moving average of $69.82 and a two-hundred day moving average of $71.35.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. Best Buy's revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.2%. Best Buy's dividend payout ratio is currently 92.91%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.