Cinctive Capital Management LP Sells 96,775 Shares of Best Buy Co., Inc. $BBY

Key Points

• Cinctive Capital Management cut its Best Buy stake by 51.6% in the fourth quarter, selling 96,775 shares and leaving it with 90,894 shares valued at about $6.08 million.
• Best Buy reported better-than-expected quarterly results, with EPS of $1.28 versus $1.23 expected and revenue of $8.94 billion, up 1.9% year over year.
• The company also announced a quarterly dividend of $0.96 per share, implying an annualized yield of 5.2%, while analysts currently rate the stock a consensus Hold.

Cinctive Capital Management LP lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 51.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 90,894 shares of the technology retailer's stock after selling 96,775 shares during the quarter. Cinctive Capital Management LP's holdings in Best Buy were worth $6,084,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in BBY. AQR Capital Management LLC raised its position in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after acquiring an additional 3,496,254 shares during the last quarter. Norges Bank bought a new stake in shares of Best Buy during the fourth quarter worth $174,685,000. Schroder Investment Management Group raised its position in shares of Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock worth $207,216,000 after acquiring an additional 2,449,342 shares during the last quarter. KBC Group NV raised its position in shares of Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer's stock worth $70,464,000 after acquiring an additional 785,294 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Best Buy by 14,865.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 771,159 shares of the technology retailer's stock worth $51,614,000 after acquiring an additional 766,006 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Down 3.2%

NYSE:BBY opened at $73.16 on Thursday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The stock has a market cap of $15.42 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 2.01 and a beta of 1.30. The stock has a 50-day moving average price of $65.17 and a two-hundred day moving average price of $66.60.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (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 firm had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. The company's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy's payout ratio is presently 71.11%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Truist Financial upped their price objective on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a report on Friday, May 29th. UBS Group reiterated a "neutral" rating and issued a $86.00 price objective (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Daiwa Securities Group upped their price objective on Best Buy from $68.00 to $77.00 and gave the company a "neutral" rating in a report on Tuesday, June 2nd. Jefferies Financial Group upped their price objective on Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Finally, KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 4th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of "Hold" and an average price target of $79.05.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 42,869 shares of the business's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the transaction, the chief executive officer directly owned 523,138 shares of the company's stock, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company's stock, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 660,780 shares of company stock valued at $49,530,325. 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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