Evolve Private Wealth LLC Trims Holdings in Best Buy Co., Inc. $BBY

Evolve Private Wealth LLC trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 69.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,577 shares of the technology retailer’s stock after selling 10,452 shares during the quarter. Evolve Private Wealth LLC’s holdings in Best Buy were worth $294,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BBY. Torren Management LLC purchased a new position in Best Buy during the 4th quarter valued at about $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy in the fourth quarter worth about $25,000. Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the third quarter worth about $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy in the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business’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 value of $131,659.20. Following the completion of the sale, 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 filing with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,002,134 shares of company stock valued at $77,283,527 over the last quarter. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of a number of analyst reports. Evercore upped their target price on shares of Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Jefferies Financial Group raised their price target on shares of Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a report on Thursday, May 28th. JPMorgan Chase & Co. boosted their price target on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Weiss Ratings raised shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Finally, UBS Group reiterated a “neutral” rating and issued a $86.00 price objective (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $79.50.

Best Buy Trading Up 1.3%

Shares of Best Buy stock opened at $77.91 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The firm has a market cap of $16.42 billion, a PE ratio of 14.43, a PEG ratio of 2.07 and a beta of 1.30. The company has a 50 day simple moving average of $67.01 and a two-hundred day simple moving average of $66.68.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter last year, the company posted $1.15 EPS. The business’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.9%. Best Buy’s payout ratio is 71.11%.

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.