Best Buy Co., Inc. $BBY Stock Sold by Skylands Capital LLC

Key Points

• Skylands Capital reduced its Best Buy position by 29% in the third quarter, selling 18,275 shares and retaining 44,725 shares valued at approximately $3.95 million. Institutional investors collectively own 80.96% of Best Buy’s stock.
• Analysts maintain a consensus “Hold” rating on BBY, with an average price target of $85.90, despite several firms issuing buy ratings and targets as high as $95.
• Best Buy exceeded quarterly expectations, reporting $1.47 in earnings per share and $9.78 billion in revenue. The company also paid a quarterly dividend of $0.96 per share, representing a 4.1% annualized yield.

Skylands Capital LLC cut its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 29.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 44,725 shares of the technology retailer's stock after selling 18,275 shares during the quarter. Skylands Capital LLC's holdings in Best Buy were worth $3,947,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Kintegral Advisory LLC lifted its stake in Best Buy by 0.6% in the 3rd quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer's stock valued at $2,100,000 after acquiring an additional 133 shares in the last quarter. Tema ETFs LLC boosted its position in Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer's stock worth $179,000 after acquiring an additional 145 shares during the last quarter. B. Metzler seel. Sohn & Co. AG boosted its position in Best Buy by 1.0% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer's stock worth $1,109,000 after acquiring an additional 151 shares during the last quarter. Ashurst Perkins Coie Trust Co grew its stake in shares of Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer's stock worth $35,000 after acquiring an additional 169 shares in the last quarter. Finally, Center for Financial Planning Inc. grew its stake in shares of Best Buy by 4.9% during the 1st quarter. Center for Financial Planning Inc. now owns 4,319 shares of the technology retailer's stock worth $277,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BBY. Citigroup lifted their price objective on shares of Best Buy from $79.00 to $88.00 and gave the company a "neutral" rating in a report on Thursday, August 13th. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective on the stock. in a research report on Monday, July 13th. Wedbush restated a "buy" rating on shares of Best Buy in a report on Monday, August 24th. Evercore set a $95.00 target price on shares of Best Buy in a report on Tuesday. Finally, Guggenheim raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $85.90.

Best Buy Stock Performance

BBY opened at $94.16 on Thursday. The business's 50-day simple moving average is $88.79 and its 200 day simple moving average is $78.19. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $96.53. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The firm has a market capitalization of $19.75 billion, a PE ratio of 15.67, a PEG ratio of 2.35 and a beta of 1.26.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business's revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio is presently 63.89%.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 116,062 shares of the business's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the transaction, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the business's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.50% of the company's stock.

Best Buy Company 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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