Tred Avon Family Wealth LLC Invests $690,000 in Best Buy Co., Inc. $BBY

Tred Avon Family Wealth LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the first quarter, Holdings Channel reports. The firm purchased 10,749 shares of the technology retailer’s stock, valued at approximately $690,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BBY. Apollon Wealth Management LLC lifted its position in Best Buy by 46.9% during the first quarter. Apollon Wealth Management LLC now owns 6,704 shares of the technology retailer’s stock worth $430,000 after buying an additional 2,141 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in Best Buy in the 1st quarter valued at $285,000. Skylands Capital LLC increased its stake in shares of Best Buy by 42.7% in the 1st quarter. Skylands Capital LLC now owns 61,950 shares of the technology retailer’s stock worth $3,977,000 after acquiring an additional 18,525 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Best Buy by 2,062.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 268,467 shares of the technology retailer’s stock worth $17,236,000 after acquiring an additional 256,052 shares during the last quarter. Finally, ABN AMRO Bank N.V. raised its holdings in shares of Best Buy by 32.3% during the 1st quarter. ABN AMRO Bank N.V. now owns 6,960 shares of the technology retailer’s stock worth $449,000 after acquiring an additional 1,700 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,002,134 shares of company stock worth $77,283,527. Company insiders own 0.50% of the company’s stock.

Best Buy Stock Up 0.3%

Shares of NYSE:BBY opened at $77.91 on Monday. The company has a market capitalization of $16.42 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.07 and a beta of 1.30. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. The business has a 50-day moving average price of $67.01 and a 200 day moving average price of $66.64. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

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

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Analysts Set New Price Targets

BBY has been the topic of several recent research reports. Citigroup boosted their price target on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Loop Capital dropped their price target on shares of Best Buy from $85.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. Guggenheim restated a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Friday, May 29th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.