Concurrent Investment Advisors LLC Increases Position in Best Buy Co., Inc. $BBY

Key Points

• Concurrent Investment Advisors LLC boosted its stake in Best Buy by 100.6% in Q4, buying an additional 35,239 shares to hold 70,280 shares worth about $4.7 million.
• Significant insider selling occurred on March 23: CFO Matthew Bilunas sold 11,356 shares and CEO Corie S. Barry sold 42,869 shares (average price ~$64.02), with insiders selling 77,247 shares (~$4.95M) over the past 90 days.
• Best Buy raised its quarterly dividend to $0.96 (annualized $3.84), representing a 6.4% yield and a dividend payout ratio of ~76.2%.

Concurrent Investment Advisors LLC increased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 100.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,280 shares of the technology retailer's stock after purchasing an additional 35,239 shares during the period. Concurrent Investment Advisors LLC's holdings in Best Buy were worth $4,704,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Sage Private Wealth Group LLC raised its holdings in Best Buy by 3.1% during the third quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer's stock valued at $311,000 after acquiring an additional 123 shares during the period. LVW Advisors LLC boosted its stake in shares of Best Buy by 3.9% in the third quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer's stock worth $275,000 after acquiring an additional 137 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of 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 during the period. Huntington National Bank grew its position in shares of Best Buy by 12.0% during the third quarter. Huntington National Bank now owns 1,298 shares of the technology retailer's stock worth $98,000 after purchasing an additional 139 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC grew its position in shares of Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer's stock worth $1,114,000 after purchasing an additional 152 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on BBY shares. Wells Fargo & Company lowered their price target on Best Buy from $75.00 to $70.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 18th. Wall Street Zen lowered shares of Best Buy from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. The Goldman Sachs Group cut shares of Best Buy from a "buy" rating to a "sell" rating and set a $59.00 price objective on the stock. in a research report on Monday, April 13th. Guggenheim restated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Wednesday, March 4th. Finally, HSBC cut their target price on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $74.85.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the company's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares in the company, valued at approximately $4,922,113.68. This represents a 12.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 77,247 shares of company stock valued at $4,945,353 over the last ninety days. Corporate insiders own 0.59% of the company's stock.

Best Buy Stock Performance

NYSE BBY opened at $60.45 on Monday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. Best Buy Co., Inc. has a 1-year low of $59.77 and a 1-year high of $84.99. The business has a 50 day simple moving average of $63.87 and a two-hundred day simple moving average of $69.92. The stock has a market capitalization of $12.64 billion, a PE ratio of 11.99, a P/E/G ratio of 1.49 and a beta of 1.35.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business had revenue of $13.81 billion for the quarter, compared to analysts' expectations of $13.96 billion. During the same period in the prior year, the firm earned $2.58 EPS. The company's revenue for the quarter was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 6.4%. This is an increase from Best Buy's previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. Best Buy's dividend payout ratio (DPR) is 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.

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