Azimuth Capital Investment Management LLC Sells 24,607 Shares of Best Buy Co., Inc. $BBY

Key Points

• Azimuth Capital Investment Management LLC reduced its stake in Best Buy by 35.7%, selling 24,607 shares to hold 44,315 shares valued at $3.26 million as of the latest SEC filing.
• Best Buy recently declared a quarterly dividend of $0.95 per share, resulting in an annualized payout of $3.80 and a yield of 5.3% with a payout ratio of 92.91%.
• The company reported earnings per share (EPS) of $1.15 for the latest quarter, surpassing analysts' expectations, although revenue declined 0.9% year-over-year.

Azimuth Capital Investment Management LLC cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 35.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 44,315 shares of the technology retailer's stock after selling 24,607 shares during the period. Azimuth Capital Investment Management LLC's holdings in Best Buy were worth $3,262,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after acquiring an additional 408,605 shares in the last quarter. Invesco Ltd. grew its stake in Best Buy by 6.4% during the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock worth $289,051,000 after buying an additional 234,669 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Best Buy by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,157,432 shares of the technology retailer's stock worth $270,910,000 after buying an additional 146,267 shares in the last quarter. Northern Trust Corp grew its stake in Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after buying an additional 701,287 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Best Buy by 9.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,605,902 shares of the technology retailer's stock worth $223,586,000 after buying an additional 215,265 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BBY shares. Wedbush reduced their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Loop Capital reduced their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. UBS Group reduced their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Wells Fargo & Company reduced their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy has an average rating of "Hold" and an average price target of $85.72.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.47% of the stock is currently owned by company insiders.

Best Buy Price Performance

Shares of BBY traded down $0.1370 during mid-day trading on Thursday, reaching $72.1330. The company had a trading volume of 860,533 shares, compared to its average volume of 3,603,573. The company's 50 day simple moving average is $69.19 and its 200 day simple moving average is $72.04. The company has a market capitalization of $15.25 billion, a price-to-earnings ratio of 17.64, a P/E/G ratio of 1.96 and a beta of 1.21. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the business earned $1.20 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is 92.91%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.