Truist Financial Corp Reduces Stock Position in Best Buy Co., Inc. $BBY

Truist Financial Corp reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 39.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,071 shares of the technology retailer’s stock after selling 9,738 shares during the period. Truist Financial Corp’s holdings in Best Buy were worth $1,009,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Torren Management LLC purchased a new stake in Best Buy in the fourth quarter worth about $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy during the 3rd quarter worth approximately $25,000. Quest 10 Wealth Builders Inc. grew its holdings in shares of Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 311 shares during the period. Activest Wealth Management grew its holdings in shares of Best Buy by 1,247.1% during the 4th quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 424 shares during the period. Finally, Root Financial Partners LLC purchased a new position in shares of Best Buy during the 3rd quarter worth approximately $32,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of NYSE BBY opened at $56.36 on Friday. 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 50 day simple moving average of $62.23 and a two-hundred day simple moving average of $68.08. The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 11.18, a P/E/G ratio of 1.39 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. During the same quarter last year, the firm earned $2.58 earnings per share. The business’s revenue for the quarter was down 1.0% 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 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 6.8%. This is an increase from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Tuesday, March 24th. Best Buy’s payout ratio is 76.19%.

Insider Activity at Best Buy

In related news, EVP Jason J. Bonfig sold 6,336 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the sale, the executive vice president owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 3,298 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $211,137.96. Following the sale, the chief accounting officer directly owned 23,192 shares of the company’s stock, valued at $1,484,751.84. This trade represents a 12.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 77,247 shares of company stock valued at $4,945,353 over the last ninety days. Corporate insiders own 0.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Piper Sandler reiterated a “buy” rating on shares of Best Buy in a report on Wednesday, March 4th. Telsey Advisory Group reduced their target price on Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Guggenheim reiterated a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Wednesday, March 4th. Truist Financial reduced their target price on Best Buy from $73.00 to $66.00 and set a “hold” rating on the stock in a report on Tuesday, March 3rd. Finally, Wedbush upped their target price on Best Buy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $70.80.

About Best Buy

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.