Best Buy Co., Inc. $BBY Stock Sold by Flagship Harbor Advisors LLC

Key Points

• Flagship Harbor Advisors cut its Best Buy stake by 27.8% in the third quarter, selling 27,700 shares and retaining 72,012 shares valued at approximately $6.35 million. Institutional investors collectively own 80.96% of BBY.
• Best Buy insiders also sold shares, including EVP Kathleen Scarlett’s sale of 116,062 shares and Chairman Richard Schulze’s sale of 300,000 shares. Corporate insiders own approximately 0.50% of the company.
• Analysts have a consensus “Hold” rating and an average price target of $85.90, while Best Buy recently reported quarterly EPS and revenue above estimates and maintains a 3.9% dividend yield.

Flagship Harbor Advisors LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 27.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,012 shares of the technology retailer's stock after selling 27,700 shares during the quarter. Flagship Harbor Advisors LLC's holdings in Best Buy were worth $6,354,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BBY. Apollon Wealth Management LLC grew its position in shares of Best Buy by 41.5% in the 3rd quarter. Apollon Wealth Management LLC now owns 12,826 shares of the technology retailer's stock valued at $1,132,000 after buying an additional 3,764 shares during the last quarter. Townsend & Associates Inc purchased a new stake in Best Buy in the third quarter valued at $19,812,000. Pullen Investment Management LLC purchased a new stake in Best Buy in the third quarter valued at $1,927,000. Aurelius Family Office LLC purchased a new stake in Best Buy in the third quarter valued at $663,000. Finally, EULAV Asset Management acquired a new position in Best Buy in the third quarter valued at $72,112,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares of the company's stock, valued at $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy 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. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. Barclays raised their price objective on Best Buy from $77.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Piper Sandler lifted their target price on Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, August 20th. Evercore set a $95.00 target price on Best Buy in a report on Tuesday, October 20th. Truist Financial set a $100.00 target price on Best Buy in a research report on Thursday, August 27th. Finally, Jefferies Financial Group cut Best Buy from a "buy" rating to a "hold" rating and decreased their target price for the company from $89.00 to $85.00 in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Best Buy currently has an average rating of "Hold" and a consensus target price of $85.90.

Best Buy Stock Performance

NYSE BBY opened at $97.94 on Tuesday. The firm has a market cap of $20.54 billion, a P/E ratio of 16.30, a P/E/G ratio of 2.50 and a beta of 1.26. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $100.58. The business's 50-day moving average price is $89.27 and its 200 day moving average price is $74.63. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY - Get Free Report) last posted 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. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the prior year, the business earned $1.28 EPS. The firm's revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Announces Dividend

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

Best Buy Profile

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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