SVB Wealth LLC Cuts Stake in Best Buy Co., Inc. $BBY

Key Points

• SVB Wealth LLC has reduced its stake in Best Buy Co., Inc. by 47.0%, selling 35,540 shares and leaving it with 40,062 shares valued at approximately $2.949 million.
• Best Buy reported $1.15 EPS for the last quarter, exceeding analyst expectations of $1.09, while also posting a revenue of $8.77 billion.
• Analysts have mixed ratings on Best Buy stock, with an average target price of $84.50, reflecting a balance of buy, hold, and sell ratings among the analysts.

SVB Wealth LLC lessened its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 47.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,062 shares of the technology retailer's stock after selling 35,540 shares during the period. SVB Wealth LLC's holdings in Best Buy were worth $2,949,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Pinnacle Bancorp Inc. lifted its position in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after buying an additional 178 shares during the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $31,000. Ancora Advisors LLC lifted its position in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after buying an additional 374 shares during the last quarter. Grove Bank & Trust lifted its position in shares of Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after buying an additional 173 shares during the last quarter. Finally, LRI Investments LLC lifted its position in shares of Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after buying an additional 141 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BBY. Truist Financial boosted their price objective on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Piper Sandler reiterated a "neutral" rating and issued a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Guggenheim reiterated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research report on Tuesday, June 10th. Finally, Telsey Advisory Group reiterated an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a research report on Friday. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $84.50.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated 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 sale, the chairman directly owned 196,100 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.59% of the company's stock.

Best Buy Stock Performance

BBY traded down $0.57 during trading on Tuesday, hitting $73.75. The stock had a trading volume of 4,829,979 shares, compared to its average volume of 3,114,057. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The firm has a market capitalization of $15.59 billion, a P/E ratio of 11.74, a PEG ratio of 1.97 and a beta of 1.21. The company's 50-day moving average price is $69.36 and its 200 day moving average price is $71.62.

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

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

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.