Raymond James Financial Inc. Has $417.30 Million Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Raymond James Financial Inc. sold 327,238 shares of Best Buy Co., decreasing its stake by 5.5% to approximately 5.7 million shares, valued at $417.3 million.
• Best Buy reported earnings of $1.15 EPS, exceeding analyst expectations and generated $8.77 billion in revenue, though down 0.9% year-over-year.
• The company declared a quarterly dividend of $0.95 per share, resulting in an annualized yield of 5.3%, with a payout ratio of 92.91%.

Raymond James Financial Inc. decreased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,669,067 shares of the technology retailer's stock after selling 327,238 shares during the quarter. Raymond James Financial Inc. owned about 2.68% of Best Buy worth $417,300,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Mariner LLC boosted its holdings in Best Buy by 0.3% in the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after purchasing an additional 129 shares during the period. Jump Financial LLC increased its stake in Best Buy by 81.0% during the 4th quarter. Jump Financial LLC now owns 10,517 shares of the technology retailer's stock worth $902,000 after acquiring an additional 4,706 shares during the period. NewEdge Advisors LLC increased its stake in Best Buy by 45.5% during the 4th quarter. NewEdge Advisors LLC now owns 64,852 shares of the technology retailer's stock worth $5,564,000 after acquiring an additional 20,277 shares during the period. Canada Pension Plan Investment Board raised its holdings in Best Buy by 461.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after acquiring an additional 511,161 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Best Buy by 2.0% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 473,990 shares of the technology retailer's stock valued at $40,672,000 after acquiring an additional 9,459 shares during the period. Institutional investors own 80.96% of the company's stock.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent analyst reports. BNP Paribas upgraded Best Buy to a "hold" rating in a research report on Friday, May 30th. Guggenheim reiterated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research note on Tuesday, June 10th. Loop Capital dropped their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Wedbush cut their price target on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Finally, Truist Financial raised their target price on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a report on Friday, May 30th. Eight equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $85.72.

Best Buy Price Performance

Shares of BBY traded down $1.7530 during trading hours on Wednesday, reaching $72.3470. The stock had a trading volume of 2,060,212 shares, compared to its average volume of 3,615,845. The stock has a market capitalization of $15.29 billion, a PE ratio of 17.69, a PEG ratio of 1.90 and a beta of 1.21. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. 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 company's 50-day moving average is $69.19 and its two-hundred day moving average is $72.04.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%.The business's quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the company earned $1.20 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were given a dividend of $0.95 per share. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.3%. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.59% of the stock is owned by insiders.

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.