Janney Montgomery Scott LLC Buys 256,052 Shares of Best Buy Co., Inc. $BBY

Key Points

• Janney Montgomery Scott LLC dramatically increased its Best Buy stake by 2,062.4% in the first quarter, buying 256,052 additional shares and bringing its total holding to 268,467 shares worth about $17.2 million.
• Best Buy reported better-than-expected quarterly results, with EPS of $1.28 versus estimates of $1.23 and revenue of $8.94 billion versus $8.82 billion expected. Revenue rose 1.9% year over year.
• The company also announced a quarterly dividend of $0.96 per share, which works out to an annualized yield of about 5.1%. Meanwhile, analyst sentiment remains mixed, with a consensus rating of Hold and a target price of $79.50.

Janney Montgomery Scott LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 2,062.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 268,467 shares of the technology retailer's stock after purchasing an additional 256,052 shares during the quarter. Janney Montgomery Scott LLC owned 0.13% of Best Buy worth $17,236,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Woodline Partners LP lifted its stake in Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock valued at $1,210,000 after acquiring an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock valued at $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario lifted its position in shares of Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after purchasing an additional 7,288 shares in the last quarter. Ieq Capital LLC boosted its holdings in Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock worth $10,779,000 after purchasing an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock worth $21,051,000 after purchasing an additional 76,102 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $75.80 on Wednesday. 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 fifty day simple moving average of $67.47 and a two-hundred day simple moving average of $66.69. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $84.99. The firm has a market cap of $15.98 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business'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 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors 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 5.1%. The ex-dividend date is Thursday, June 18th. Best Buy's payout ratio is currently 71.11%.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares of the company's stock, valued at $1,596,294. The trade was a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the subject of several analyst reports. Guggenheim reiterated a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 29th. Wall Street Zen upgraded Best Buy from a "hold" rating to a "buy" rating in a research note on Saturday, June 20th. UBS Group reaffirmed a "neutral" rating and issued a $86.00 target price (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Evercore increased their price target on Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Finally, Telsey Advisory Group set a $90.00 price target on Best Buy and gave the stock an "outperform" rating in a report on Friday, May 29th. 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 company's stock. According to MarketBeat, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $79.50.

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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