NewEdge Advisors LLC Cuts Stake in Best Buy Co., Inc. $BBY

Key Points

• NewEdge Advisors reduced its Best Buy stake by 23.4% in the second quarter, selling 14,491 shares and retaining 47,392 shares valued at approximately $3.6 million.
• Best Buy reported quarterly earnings of $1.47 per share, exceeding the $1.39 consensus estimate, while revenue rose 3.6% year over year to $9.78 billion.
• The company declared a quarterly dividend of $0.96 per share, equivalent to an annualized $3.84 payout and a 4.1% yield; analysts maintain a consensus “Hold” rating with an $85.40 price target.

NewEdge Advisors LLC cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 23.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,392 shares of the technology retailer's stock after selling 14,491 shares during the quarter. NewEdge Advisors LLC's holdings in Best Buy were worth $3,596,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BBY. BlackRock Inc. bought a new position in Best Buy in the 2nd quarter worth about $1,932,812,000. Bank of New York Mellon Corp bought a new stake in Best Buy during the 2nd quarter valued at about $174,893,000. Norges Bank bought a new stake in Best Buy during the 4th quarter valued at about $174,685,000. Hsbc Holdings PLC raised its holdings in Best Buy by 104.1% in the fourth 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, Deutsche Bank AG purchased a new position in Best Buy in the second quarter worth about $116,003,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insiders Place Their Bets

In other news, Chairman Richard Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.50% of the company's stock.

Best Buy Stock Performance

Shares of NYSE BBY opened at $93.22 on Wednesday. The firm's 50-day moving average price is $85.86 and its 200-day moving average price is $73.33. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The company has a market cap of $19.55 billion, a PE ratio of 15.51, a PEG ratio of 2.37 and a beta of 1.28. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $95.81.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm's quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.82 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.1%. Best Buy's payout ratio is currently 63.89%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Evercore increased their price target on shares of Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. BNP Paribas Exane boosted their price objective on shares of Best Buy from $74.00 to $76.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Telsey Advisory Group upped their price objective on Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Wall Street Zen upgraded Best Buy from a "hold" rating to a "buy" rating in a research note on Saturday, August 29th. Finally, Daiwa Securities Group lifted their target price on Best Buy from $68.00 to $77.00 and gave the stock a "neutral" rating in a report on Tuesday, June 2nd. Six equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $85.40.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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