Wealthfront Advisers LLC Has $1.80 Million Stock Holdings in Best Buy Co., Inc. $BBY

Key Points

• Wealthfront Advisers LLC cut its Best Buy stake sharply in the first quarter, reducing its position by 68.4% to 27,997 shares valued at about $1.8 million.
• Best Buy’s latest earnings beat expectations, with quarterly EPS of $1.28 versus the $1.23 consensus and revenue of $8.94 billion, up 1.9% year over year.
• Analysts remain cautious overall: despite some price-target increases, the stock’s consensus rating is “Hold” with an average target price of $79.50, while insiders have also been net sellers recently.

Wealthfront Advisers LLC reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 68.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,997 shares of the technology retailer's stock after selling 60,468 shares during the period. Wealthfront Advisers LLC's holdings in Best Buy were worth $1,797,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in BBY. Torren Management LLC bought a new stake in Best Buy during the 4th quarter worth approximately $25,000. MV Capital Management Inc. acquired a new position in Best Buy in the 4th quarter valued at approximately $25,000. Palisade Asset Management LLC bought a new position in shares of Best Buy during the third quarter valued at $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy during the fourth quarter valued at $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its holdings in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after purchasing an additional 311 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the topic of several analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Wall Street Zen downgraded Best Buy from a "buy" rating to a "hold" rating in a report on Monday. Wells Fargo & Company upped their price target on Best Buy from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Thursday, May 28th. Wedbush increased their price target on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Finally, Guggenheim reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Best Buy has a consensus rating of "Hold" and a consensus target price of $79.50.

Best Buy Trading Down 0.4%

BBY opened at $85.11 on Tuesday. The stock has a market cap of $17.94 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 2.27 and a beta of 1.30. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $87.35. The company has a fifty day moving average of $73.26 and a 200-day moving average of $67.70.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same period last year, the business posted $1.15 EPS. The business's revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.5%. Best Buy's dividend payout ratio (DPR) is currently 71.11%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 in the last ninety days. 0.50% of the stock is currently owned by insiders.

Best Buy Company 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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