First Trust Advisors LP Has $58.16 Million Stock Position in Best Buy Co., Inc. $BBY

First Trust Advisors LP grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 53.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 905,844 shares of the technology retailer’s stock after purchasing an additional 314,046 shares during the quarter. First Trust Advisors LP’s holdings in Best Buy were worth $58,155,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Krane Funds Advisors LLC increased its position in shares of Best Buy by 3.0% in the fourth 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 lifted its position in Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after purchasing an additional 152 shares during the period. Applied Finance Capital Management LLC lifted its position in 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 worth $286,000 after purchasing an additional 157 shares during the period. International Private Wealth Advisors LLC grew its stake in Best Buy by 5.2% during the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after buying an additional 165 shares in the last quarter. Finally, J. Team Financial Inc. grew its stake in Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after buying an additional 171 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Jefferies Financial Group upped their price target on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Truist Financial boosted their price objective on shares of Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research report on Friday, May 29th. Guggenheim restated a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, May 29th. Finally, Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a report on Monday, July 13th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $79.50.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. This represents a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is currently owned by company insiders.

Best Buy Trading Up 1.0%

BBY opened at $85.26 on Friday. The company has a market cap of $17.97 billion, a P/E ratio of 15.79, a PEG ratio of 2.27 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $75.59 and its 200-day moving average is $68.19. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $87.35.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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 during 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%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict 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 was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio is presently 71.11%.

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.