Best Buy Co., Inc. $BBY Shares Sold by Krilogy Financial LLC

Key Points

• Krilogy Financial LLC reduced its Best Buy stake by 70.1% in the first quarter, selling 14,264 shares and leaving it with 6,076 shares valued at about $393,000.
• Analysts remain cautious overall: Best Buy’s consensus rating is Hold, with a consensus price target of $79.50, even as some firms recently raised targets and reaffirmed buy/neutral views.
• Best Buy reported better-than-expected quarterly earnings of $1.28 per share on revenue of $8.94 billion, and it also declared a quarterly dividend of $0.96 per share, implying an annualized yield of about 4.9%.

Krilogy Financial LLC cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 70.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,076 shares of the technology retailer's stock after selling 14,264 shares during the period. Krilogy Financial LLC's holdings in Best Buy were worth $393,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Woodline Partners LP grew its position in Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock worth $1,210,000 after purchasing an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock worth $1,984,000 after buying an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario increased its position in Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC raised its stake in Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after acquiring an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock valued at $21,051,000 after acquiring an additional 76,102 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BBY shares. Morgan Stanley lifted their target price on Best Buy from $72.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, May 29th. Guggenheim reissued a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 29th. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Piper Sandler restated a "neutral" rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. Finally, Weiss Ratings raised Best Buy from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, June 11th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Best Buy has a consensus rating of "Hold" and a consensus target price of $79.50.

Best Buy Stock Performance

NYSE BBY opened at $77.91 on Monday. 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 fifty-two week low of $55.10 and a fifty-two week high of $84.99. The business has a fifty day moving average of $67.01 and a 200-day moving average of $66.64. The stock has a market cap of $16.42 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $8.82 billion. During the same quarter last year, the company earned $1.15 earnings per share. The business's revenue for the quarter was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be issued 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 dividend yield of 4.9%. Best Buy's payout ratio is 71.11%.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on 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 completion of the sale, the chairman directly owned 10,430,936 shares of the company's stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. Insiders own 0.50% of the company's stock.

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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