Janney Capital Management LLC Has $12.33 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Janney Capital Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,523 shares of the technology retailer's stock after selling 8,318 shares during the quarter. Janney Capital Management LLC owned about 0.08% of Best Buy worth $12,331,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Rakuten Securities Inc. grew its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $31,000. Atlas Capital Advisors Inc. grew its position in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC grew its position in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares during the period. Finally, OFI Invest Asset Management acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $34,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on BBY. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. Citigroup reiterated a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Truist Financial boosted their target price on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research note on Friday, May 30th. Bank of America cut their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Finally, Piper Sandler cut their target price on Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Stock Performance

BBY traded down $0.19 during trading hours on Friday, reaching $67.58. The company's stock had a trading volume of 5,187,931 shares, compared to its average volume of 3,332,081. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company's 50-day moving average is $68.47 and its 200-day moving average is $77.11. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The firm has a market cap of $14.28 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 1.79 and a beta of 1.25.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The business had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter in the prior year, the business earned $1.20 EPS. The firm's revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.62%. The ex-dividend date is Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman now directly owns 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.47% of the company's stock.

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.