Todd Asset Management LLC Sells 31,130 Shares of Best Buy Co., Inc. $BBY

Key Points

• Todd Asset Management cut its Best Buy stake by 8.8% in the fourth quarter, selling 31,130 shares and leaving it with 323,951 shares worth about $21.7 million.
• Institutional ownership remains high, with several other funds adding to their positions; overall, institutions own about 80.96% of Best Buy’s stock.
• Best Buy faces a mixed near-term setup: analysts expect roughly in-line first-quarter sales and earnings growth, but investors are also watching product shortages, a CEO transition, and cautious earnings outlooks ahead of the report.

Todd Asset Management LLC trimmed its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 8.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 323,951 shares of the technology retailer's stock after selling 31,130 shares during the period. Todd Asset Management LLC owned approximately 0.15% of Best Buy worth $21,682,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BBY. Woodline Partners LP increased its position in shares of Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock worth $1,210,000 after purchasing an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock valued at $1,984,000 after acquiring an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario grew its position in Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after acquiring an additional 7,288 shares during the last quarter. Ieq Capital LLC grew its position in Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after acquiring an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock valued at $21,051,000 after acquiring an additional 76,102 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Key Headlines Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy is being viewed as likely to post solid first-quarter results, with analysts expecting in-line comparable sales and year-over-year earnings growth, which could help support the stock if the company meets those expectations. Best Buy Poised for In-Line First-Quarter Comparable Sales, Wedbush Says
• Positive Sentiment: Recent momentum has improved, with the stock outperforming over the past week even though it remains down year to date, suggesting investors may be positioning for the upcoming report. A Look At Best Buy Valuation As Earnings Expectations And Cautious Sentiment Shape The May 28 Report
• Neutral Sentiment: New back-to-school-style promotions in Canada, such as BMO’s student tech reward tied to Best Buy Canada, may help traffic, but the announcement appears more promotional than material for near-term earnings. Is Best Buy’s Student Tech Perks Masking Deeper Supply Chain And Leadership Questions?
• Negative Sentiment: Investor caution is rising because Best Buy is dealing with product shortages and an upcoming CEO transition, both of which could cloud the earnings outlook and pressure sentiment if management gives a conservative forecast. Is Best Buy’s Student Tech Perks Masking Deeper Supply Chain And Leadership Questions?
• Negative Sentiment: Several previews note that Best Buy may not have the best setup for an earnings beat, which could limit upside if results only match expectations rather than exceed them. Best Buy (BBY) Q1 Earnings Preview: What You Should Know Beyond the Headline Estimates

Best Buy Stock Performance

NYSE:BBY opened at $61.53 on Monday. The firm has a market cap of $12.97 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.52 and a beta of 1.22. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The business has a 50 day moving average price of $61.72 and a 200-day moving average price of $67.18.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. During the same quarter last year, the firm posted $2.58 earnings per share. The firm's revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.5 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were paid a $0.96 dividend. The ex-dividend date of this dividend was Tuesday, March 24th. This is a positive change from Best Buy's previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a yield of 6.2%. Best Buy's payout ratio is 76.19%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BBY shares. Truist Financial reduced their price target on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings cut shares of Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. Citigroup reduced their price target on shares of Best Buy from $69.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Morgan Stanley reduced their price target on shares of Best Buy from $76.00 to $72.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 4th. Finally, Wedbush increased their price target on shares of Best Buy from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $70.80.

Insider Buying and Selling

In other Best Buy news, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $515,296.98. Following the completion of the transaction, the executive vice president owned 102,669 shares in the company, valued at approximately $6,572,869.38. This represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mathew Watson sold 3,298 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $211,137.96. Following the completion of the transaction, the chief accounting officer owned 23,192 shares of the company's stock, valued at approximately $1,484,751.84. This trade represents a 12.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 77,247 shares of company stock valued at $4,945,353 over the last three months. Insiders own 0.47% of the company's stock.

Best Buy Profile

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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