Janus Henderson Group PLC Sells 1,251,728 Shares of Best Buy Co., Inc. $BBY

Key Points

• Janus Henderson Group cut its Best Buy stake by 97.9%, selling 1,251,728 shares and retaining 26,339 shares worth approximately $1.69 million.
• Best Buy reported quarterly earnings of $1.28 per share, exceeding estimates, while revenue rose 1.9% year over year to $8.94 billion. The company also pays a $0.96 quarterly dividend, representing a 4.7% annualized yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $80.55; institutional investors own approximately 80.96% of the stock.

Janus Henderson Group PLC cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 97.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,339 shares of the technology retailer's stock after selling 1,251,728 shares during the period. Janus Henderson Group PLC's holdings in Best Buy were worth $1,692,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Palisade Asset Management LLC purchased a new position in Best Buy during the third quarter worth about $25,000. Torren Management LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. grew its holdings in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after purchasing an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY opened at $81.91 on Monday. The stock's 50 day simple moving average is $79.93 and its 200 day simple moving average is $69.39. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The firm has a market cap of $17.26 billion, a price-to-earnings ratio of 15.17, a PEG ratio of 2.36 and a beta of 1.29.

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 for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm 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 business's revenue was up 1.9% on a year-over-year basis. During the same quarter 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. As a group, analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Thursday, June 18th. Best Buy's dividend payout ratio is currently 71.11%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BBY. DA Davidson reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Monday, June 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Evercore upped their target price on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Citigroup increased their target price on Best Buy from $60.00 to $79.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Finally, Guggenheim restated a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. Four analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $80.55.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on 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 sale, the chairman owned 10,430,936 shares of the company's stock, valued at $814,656,101.60. This represents a 2.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the firm's stock in a transaction on 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 sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock valued at $77,283,527 over the last quarter. 0.50% of the stock is currently owned by company insiders.

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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