Best Buy Co., Inc. $BBY Shares Sold by Amundi

Key Points

• Amundi reduced its Best Buy stake by 17.6% in the first quarter, selling 261,668 shares and retaining 1.22 million shares worth approximately $78.4 million. Institutional investors collectively own 80.96% of the company.
• Best Buy insiders sold roughly 1 million shares valued at $77.3 million over the past 90 days, including significant sales by Chief Accounting Officer Mathew Watson and Chairman Richard Schulze.
• Analysts maintain a consensus “Hold” rating with an average price target of $79.50, despite Best Buy exceeding quarterly earnings and revenue estimates. Shares recently opened at $86.19, while the company continues to offer a 4.5% dividend yield.

Amundi lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 17.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,221,487 shares of the technology retailer's stock after selling 261,668 shares during the period. Amundi owned approximately 0.58% of Best Buy worth $78,423,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the 3rd quarter valued at about $25,000. MV Capital Management Inc. acquired a new position in Best Buy during the fourth quarter worth about $25,000. Torren Management LLC acquired a new position in Best Buy during the fourth quarter worth about $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy in the fourth quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. increased its holdings in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after buying an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity

In other news, CAO Mathew Watson sold 1,784 shares of the company'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 completion of the transaction, the chief accounting officer owned 21,630 shares of the company's stock, valued at $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,002,134 shares of company stock valued at $77,283,527 in the last 90 days. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on Best Buy from $59.00 to $62.00 and gave the stock a "sell" rating in a report on Friday, May 29th. Piper Sandler reaffirmed a "neutral" rating and set a $77.00 price objective on shares of Best Buy in a report on Thursday, May 28th. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research report on Monday, June 22nd. Truist Financial upped their target price on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a report on Friday, May 29th. Finally, Guggenheim restated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $79.50.

Best Buy Price Performance

Shares of NYSE:BBY opened at $86.19 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The business's fifty day moving average price is $78.41 and its two-hundred day moving average price is $68.81. The stock has a market cap of $18.17 billion, a PE ratio of 15.96, a price-to-earnings-growth ratio of 2.30 and a beta of 1.30. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $91.26.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period in the prior year, the business earned $1.15 earnings per share. The business's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.5%. Best Buy's payout ratio is 71.11%.

Best Buy Profile

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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