Pacer Advisors Inc. Sells 1,015,093 Shares of Best Buy Co., Inc. $BBY

Pacer Advisors Inc. decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 51.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 972,293 shares of the technology retailer’s stock after selling 1,015,093 shares during the quarter. Pacer Advisors Inc.’s holdings in Best Buy were worth $62,421,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of BBY. Torren Management LLC purchased a new stake in shares of Best Buy during the 4th quarter valued at about $25,000. MV Capital Management Inc. purchased a new position in shares of Best Buy during the fourth quarter valued at approximately $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy during the third quarter valued at approximately $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy during the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its holdings in Best Buy by 239.2% in 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 last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

Best Buy Stock Performance

Shares of BBY opened at $86.19 on Monday. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $78.41 and a two-hundred day simple moving average of $68.83. The stock has a market cap of $18.17 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 2.29 and a beta of 1.30. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter last year, the company earned $1.15 earnings per share. The business’s revenue for the quarter 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, analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have commented on BBY shares. UBS Group reaffirmed a “neutral” rating and issued a $86.00 target price (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Guggenheim reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Friday, May 29th. Weiss Ratings upgraded Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Truist Financial lifted their price objective on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a report on Friday, May 29th. Finally, Piper Sandler reiterated a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a research report on Thursday, May 28th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $79.50.

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.