Hsbc Holdings PLC Sells 34,735 Shares of Best Buy Co., Inc. $BBY

Hsbc Holdings PLC trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 1.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,980,304 shares of the technology retailer’s stock after selling 34,735 shares during the period. Hsbc Holdings PLC’s holdings in Best Buy were worth $127,553,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after acquiring an additional 3,496,254 shares during the period. Norges Bank purchased a new stake in Best Buy in the fourth quarter worth $174,685,000. Schroder Investment Management Group lifted its position in shares of Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after purchasing an additional 2,449,342 shares during the last quarter. KBC Group NV lifted its position in shares of Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after purchasing an additional 785,294 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Best Buy by 14,865.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 771,159 shares of the technology retailer’s stock valued at $51,614,000 after purchasing an additional 766,006 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

BBY opened at $85.75 on Friday. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $87.35. 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 business’s fifty day simple moving average is $72.71 and its 200-day simple moving average is $67.58. The company has a market capitalization of $18.07 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 2.27 and a beta of 1.30.

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

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BBY. Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Morgan Stanley lifted their price objective on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Jefferies Financial Group boosted their price objective on shares of Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. BNP Paribas Exane upped their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, DA Davidson reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a research report on Monday, June 22nd. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $79.50.

Insider Activity

In other news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction that occurred on 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 directly 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly 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 SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. Company insiders own 0.50% of the company’s stock.

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.