First Horizon Corp Acquires 18,659 Shares of Best Buy Co., Inc. $BBY

Key Points

• First Horizon Corp increased its Best Buy stake by 35.7% in Q1, buying 18,659 additional shares and bringing its total holding to 70,973 shares worth about $4.56 million.
• Best Buy’s latest quarterly results beat expectations, with EPS of $1.28 and revenue of $8.94 billion; the company also reported 1.9% year-over-year revenue growth and maintained FY2027 EPS guidance of 6.3 to 6.6.
• Analysts remain mixed on BBY, with a consensus Hold rating and an average target price of $79.50, while the stock recently traded around $82.97 and the company continues to pay a quarterly dividend of $0.96 per share.

First Horizon Corp boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 35.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,973 shares of the technology retailer's stock after buying an additional 18,659 shares during the quarter. First Horizon Corp's holdings in Best Buy were worth $4,556,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of BBY. AQR Capital Management LLC boosted its holdings in shares of Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock valued at $525,120,000 after acquiring an additional 3,496,254 shares during the last quarter. Norges Bank bought a new position in shares of Best Buy during the 4th quarter valued at $174,685,000. Schroder Investment Management Group lifted its holdings in shares of Best Buy by 378.8% during the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock valued at $207,216,000 after buying an additional 2,449,342 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock worth $135,685,000 after buying an additional 1,030,544 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Best Buy by 293.6% in 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 period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the company's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction 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 $832,036,206.32. This represents a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,002,134 shares of company stock valued at $77,283,527. Company insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on BBY. 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 research report on Thursday, May 28th. Telsey Advisory Group set a $90.00 target price on Best Buy and gave the stock an "outperform" rating in a research report on Friday, May 29th. JPMorgan Chase & Co. boosted their price target on Best Buy from $76.00 to $84.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. BNP Paribas Exane upped their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Finally, Loop Capital lowered their price objective on shares of Best Buy from $85.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, June 24th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $79.50.

Best Buy Stock Up 3.7%

NYSE BBY opened at $82.97 on Friday. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $17.49 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 2.13 and a beta of 1.30. The stock's 50-day moving average price is $70.16 and its 200-day moving average price is $67.07.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm's revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Thursday, June 18th. Best Buy's dividend payout ratio is presently 71.11%.

About Best Buy

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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