Best Buy Co., Inc. $BBY Stock Holdings Increased by First Horizon Corp

Key Points

• First Horizon Corp massively increased its stake in Best Buy by 4,501.1%, buying 51,177 shares to hold 52,314 shares valued at about $3.50 million, while institutional investors own 80.96% of the company.
• Analyst sentiment is mixed with a consensus "Hold" rating (eight Buys, twelve Holds, two Sells) and an average price target of $74.85 after several firms trimmed targets.
• Best Buy beat quarterly EPS estimates ($2.61 vs. $2.48) despite a 1.0% revenue decline, set FY2027 guidance of 6.300–6.600 EPS, raised its quarterly dividend to $0.96 (a 5.8% yield), and insiders have sold 77,247 shares (~$4.95M) in the past 90 days.

First Horizon Corp lifted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4,501.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 52,314 shares of the technology retailer's stock after buying an additional 51,177 shares during the period. First Horizon Corp's holdings in Best Buy were worth $3,501,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. raised its position in Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer's stock worth $25,000 after acquiring an additional 138 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in Best Buy in the 3rd quarter valued at about $25,000. Root Financial Partners LLC acquired a new stake in Best Buy in the 3rd quarter valued at about $32,000. Wolff Wiese Magana LLC acquired a new stake in Best Buy in the 4th quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in shares of Best Buy in the 2nd quarter worth approximately $33,000. Institutional investors own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on BBY shares. Telsey Advisory Group dropped their target price on shares of Best Buy from $95.00 to $80.00 and set an "outperform" rating on the stock in a report on Wednesday, March 4th. DA Davidson set a $78.00 target price on shares of Best Buy in a report on Thursday, March 5th. Truist Financial dropped their target price on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating on the stock in a report on Tuesday, March 3rd. Jefferies Financial Group dropped their target price on shares of Best Buy from $94.00 to $89.00 and set a "buy" rating on the stock in a report on Monday, February 9th. Finally, Piper Sandler reiterated a "buy" rating on shares of Best Buy in a report on Wednesday, March 4th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $74.85.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 8,049 shares of the company's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $515,296.98. Following the transaction, the executive vice president directly owned 102,669 shares of the company's stock, valued at approximately $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 6,336 shares of the company's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $405,630.72. Following the transaction, the executive vice president directly owned 79,137 shares in the company, valued at $5,066,350.74. The trade was a 7.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,247 shares of company stock valued at $4,945,353 over the last ninety days. Company insiders own 0.59% of the company's stock.

Best Buy Stock Down 0.0%

Shares of Best Buy stock opened at $65.72 on Monday. The stock's fifty day moving average is $64.14 and its 200-day moving average is $70.36. The firm has a market capitalization of $13.74 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 1.62 and a beta of 1.35. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a 12-month low of $59.77 and a 12-month high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.Best Buy's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.8%. This is a boost from Best Buy's previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Tuesday, March 24th. Best Buy's payout ratio is presently 76.19%.

Best Buy Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.