Procyon Advisors LLC Purchases 12,731 Shares of Best Buy Co., Inc. $BBY

Key Points

• Procyon Advisors LLC increased its Best Buy stake by 49.4% in Q1, buying 12,731 additional shares and bringing its total holdings to 38,491 shares worth about $2.47 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. The company also raised FY2027 guidance to 6.3–6.6 EPS.
• The retailer recently paid a quarterly dividend of $0.96 per share, equal to an annualized yield of about 4.7%. Analyst sentiment remains mixed, with a consensus rating of Hold and an average target price of $79.50.

Procyon Advisors LLC lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 49.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,491 shares of the technology retailer's stock after acquiring an additional 12,731 shares during the quarter. Procyon Advisors LLC's holdings in Best Buy were worth $2,471,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Concurrent Investment Advisors LLC raised its holdings in Best Buy by 100.6% in the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer's stock valued at $4,704,000 after buying an additional 35,239 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in Best Buy during the 4th quarter worth approximately $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in Best Buy by 42.9% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer's stock valued at $15,059,000 after acquiring an additional 67,600 shares during the period. Trust Investment Advisors acquired a new position in Best Buy in the 3rd quarter valued at approximately $1,939,000. Finally, Oxbow Advisors LLC bought a new position in shares of Best Buy during the fourth quarter valued at $6,295,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Price Performance

BBY stock opened at $81.60 on Tuesday. 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 firm has a market cap of $17.20 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 2.20 and a beta of 1.30. The company's fifty day simple moving average is $70.58 and its 200 day simple moving average is $67.13. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates 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% compared to the same quarter last year. During the same period last year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BBY shares. DA Davidson reiterated a "buy" rating and set a $90.00 price target on shares of Best Buy in a report on Monday, June 22nd. BNP Paribas Exane raised their target price on Best Buy from $74.00 to $76.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Weiss Ratings raised Best Buy from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Truist Financial increased their price target on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a research note on Friday, May 29th. Finally, KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Monday, June 22nd. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $79.50.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 224,705 shares of the firm's stock in a transaction that occurred 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 trade represents a 2.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 completion of the sale, the chief accounting officer owned 21,630 shares of the company's stock, valued at $1,596,294. This represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by corporate insiders.

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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