SG Americas Securities LLC Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

SG Americas Securities LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 41.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 96,525 shares of the technology retailer's stock after selling 68,383 shares during the quarter. SG Americas Securities LLC's holdings in Best Buy were worth $7,105,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Rakuten Securities Inc. boosted its stake in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in shares of Best Buy during the fourth quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy during the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. boosted its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC lifted its stake in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on BBY. Truist Financial boosted their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a report on Friday, May 30th. Bank of America dropped their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Citigroup restated a "neutral" rating and issued a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Finally, Jefferies Financial Group decreased their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and an average price target of $86.11.

Insider Activity

In other news, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the transaction, the chief accounting officer now owns 21,371 shares in the company, valued at approximately $1,552,603.15. This trade represents a 12.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 6,847 shares of the business's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $497,434.55. Following the sale, the executive vice president now owns 87,389 shares of the company's stock, valued at approximately $6,348,810.85. The trade was a 7.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 804,374 shares of company stock worth $58,735,581. 0.47% of the stock is currently owned by company insiders.

Best Buy Trading Down 4.1%

NYSE BBY traded down $2.97 during trading on Friday, hitting $69.57. The stock had a trading volume of 2,895,274 shares, compared to its average volume of 3,339,708. The company has a market capitalization of $14.70 billion, a PE ratio of 11.89, a PEG ratio of 2.10 and a beta of 1.25. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average price of $67.81 and a 200 day moving average price of $77.67. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. The company 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 45.93% and a net margin of 3.01%. Best Buy's revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.20 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.46%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's payout ratio is presently 92.91%.

Best Buy Profile

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.