QRG Capital Management Inc. Sells 6,474 Shares of Best Buy Co., Inc. $BBY

QRG Capital Management Inc. lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 50.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,304 shares of the technology retailer’s stock after selling 6,474 shares during the period. QRG Capital Management Inc.’s holdings in Best Buy were worth $405,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC increased its holdings in Best Buy by 3.0% during the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock worth $346,000 after purchasing an additional 151 shares during the period. Linden Thomas Advisory Services LLC grew its position in shares of Best Buy by 0.9% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after buying an additional 152 shares in the last quarter. Applied Finance Capital Management LLC increased its stake in shares of Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after buying an additional 157 shares during the period. International Private Wealth Advisors LLC raised its holdings in shares of Best Buy by 5.2% in the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock valued at $224,000 after acquiring an additional 165 shares in the last quarter. Finally, J. Team Financial Inc. raised its holdings in shares of Best Buy by 4.2% in the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock valued at $285,000 after acquiring an additional 171 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BBY. BNP Paribas Exane increased their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Evercore upped their price target on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Wall Street Zen lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Finally, DA Davidson reissued a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, June 22nd. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $79.50.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, 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 position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by company insiders.

Best Buy Price Performance

NYSE BBY opened at $82.97 on Friday. The firm’s fifty day simple moving average is $70.16 and its two-hundred day simple moving average is $67.07. 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 Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. The firm has a market capitalization of $17.49 billion, a P/E ratio of 15.37, a P/E/G ratio of 2.13 and a beta of 1.30.

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

Best Buy Announces Dividend

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

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.