Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Sienna Gestion

Key Points

• Sienna Gestion reduced its stake in Best Buy Co., Inc. by 9.5%, selling 9,653 shares, resulting in ownership of 91,953 shares worth approximately $6.58 million.
• Several institutional investors, including Ontario Teachers Pension Plan Board and NewEdge Advisors LLC, have increased their positions in Best Buy, demonstrating active interest in the company amid fluctuating stock performance.
• Best Buy recently reported $1.15 EPS for its latest quarter, surpassing the consensus estimate of $1.09, but its revenue showed a slight decline of 0.9% year-over-year.

Sienna Gestion lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 91,953 shares of the technology retailer's stock after selling 9,653 shares during the period. Sienna Gestion's holdings in Best Buy were worth $6,579,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of BBY. SageView Advisory Group LLC increased its stake in shares of Best Buy by 8.9% during the 4th quarter. SageView Advisory Group LLC now owns 2,589 shares of the technology retailer's stock worth $222,000 after purchasing an additional 211 shares during the last quarter. 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 worth $3,708,000 after buying an additional 129 shares during the period. Ontario Teachers Pension Plan Board boosted its holdings in Best Buy by 193.4% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 10,153 shares of the technology retailer's stock worth $871,000 after buying an additional 6,692 shares during the period. Jump Financial LLC boosted its holdings in Best Buy by 81.0% in the 4th quarter. Jump Financial LLC now owns 10,517 shares of the technology retailer's stock worth $902,000 after buying an additional 4,706 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in Best Buy by 45.5% in the 4th quarter. NewEdge Advisors LLC now owns 64,852 shares of the technology retailer's stock worth $5,564,000 after buying an additional 20,277 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler reaffirmed a "neutral" rating and issued a $75.00 price objective (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Wedbush cut their price objective 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. Loop Capital cut their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. Truist Financial raised their price objective 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. Finally, Wells Fargo & Company cut their price target on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and an average target price of $85.72.

Best Buy Trading Down 0.2%

BBY traded down $0.13 on Friday, reaching $71.61. 2,297,440 shares of the company traded hands, compared to its average volume of 3,076,030. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The firm has a fifty day simple moving average of $69.23 and a two-hundred day simple moving average of $72.23. The company has a market cap of $15.13 billion, a P/E ratio of 17.51, a price-to-earnings-growth ratio of 1.89 and a beta of 1.21. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42.

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 analysts' consensus estimates of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The company's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $1.20 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

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

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy 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 sale, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is owned by company insiders.

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.