Curated Wealth Partners LLC Sells 13,044 Shares of Best Buy Co., Inc. $BBY

Key Points

• Curated Wealth Partners cut its Best Buy stake by 58.9%, selling 13,044 shares and retaining 9,108 shares valued at approximately $804,000. Institutional investors collectively own 80.96% of Best Buy.
• Analyst sentiment remains mixed, with Best Buy holding an average rating of “Hold” and an average price target of $85.65; ratings range from Strong Buy to Sell.
• Best Buy reported quarterly earnings and revenue above analysts’ expectations, while its stock opened at $94.08 and the company maintained a quarterly dividend of $0.96 per share, yielding about 4.1% annually.

Curated Wealth Partners LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 58.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,108 shares of the technology retailer's stock after selling 13,044 shares during the quarter. Curated Wealth Partners LLC's holdings in Best Buy were worth $804,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Corient Private Wealth LP bought a new position in Best Buy in the second quarter worth approximately $18,648,000. B.A. Schrock Wealth Management Inc. acquired a new stake in shares of Best Buy during the third quarter worth about $2,064,000. Canada Pension Plan Investment Board purchased a new stake in shares of Best Buy in the 2nd quarter valued at $2,734,000. Munich Reinsurance Co Stock Corp in Munich raised its stake in shares of Best Buy by 80.0% during the 2nd quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer's stock valued at $7,016,000 after buying an additional 41,092 shares during the last quarter. Finally, BlackRock Inc. purchased a new stake in shares of Best Buy in the second quarter worth about $1,932,812,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BBY shares. Bank of America began coverage on shares of Best Buy in a report on Monday, August 3rd. They set an "underperform" rating and a $80.00 target price for the company. Wall Street Zen raised shares of Best Buy from a "hold" rating to a "buy" rating in a research note on Sunday, October 11th. Guggenheim increased their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a report on Friday, August 28th. The Goldman Sachs Group raised their target price on Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a research report on Friday, August 28th. Finally, Piper Sandler lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Best Buy has an average rating of "Hold" and an average price target of $85.65.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares of the company's stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The SEC filing for this sale provides additional information. 0.50% of the stock is currently owned by company insiders.

Best Buy Trading Up 5.6%

NYSE BBY opened at $94.08 on Friday. The firm's 50-day moving average is $87.96 and its two-hundred day moving average is $77.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $96.53. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The stock has a market capitalization of $19.73 billion, a P/E ratio of 15.65, a PEG ratio of 2.23 and a beta of 1.26.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the previous year, the company earned $1.28 earnings per share. The firm's quarterly 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, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

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

About Best Buy

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

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