First Horizon Corp Boosts Holdings in Best Buy Co., Inc. $BBY

First Horizon Corp boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 35.7% in the 1st quarter, HoldingsChannel reports. The firm owned 70,973 shares of the technology retailer’s stock after purchasing an additional 18,659 shares during the quarter. First Horizon Corp’s holdings in Best Buy were worth $4,556,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Torren Management LLC bought a new stake in shares of Best Buy during the fourth quarter valued at approximately $25,000. MV Capital Management Inc. bought a new position in shares of Best Buy during the fourth quarter worth $25,000. Palisade Asset Management LLC bought a new position in shares of Best Buy during the third quarter worth $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy during the fourth quarter valued at $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. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BBY has been the topic of several research analyst reports. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Wall Street Zen lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Loop Capital cut their price objective on Best Buy from $85.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, June 24th. Morgan Stanley lifted their target price on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Finally, Weiss Ratings upgraded Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $79.50.

Best Buy Trading Up 3.7%

Shares of BBY opened at $82.97 on Friday. The stock has a market capitalization of $17.49 billion, a PE ratio of 15.37, a P/E/G ratio of 2.13 and a beta of 1.30. The company’s fifty day moving average is $70.16 and its 200 day moving average is $67.07. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS 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 business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter last year, the business earned $1.15 earnings per share. Best Buy’s quarterly 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. Sell-side analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Insider Transactions 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 transaction of $38,086,642.00. Following the sale, the chairman directly 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 legal filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $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. In the last ninety days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by insiders.

Best Buy 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.