Best Buy Co., Inc. $BBY Position Cut by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 32.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,604 shares of the technology retailer’s stock after selling 5,607 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Best Buy were worth $779,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. boosted its stake in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 178 shares in the last quarter. Oliver Lagore Vanvalin Investment Group acquired a new position in Best Buy during the second quarter worth $26,000. Grove Bank & Trust grew its position in shares of Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Maseco LLP acquired a new stake in shares of Best Buy in the second quarter valued at about $39,000. Finally, Wealth Preservation Advisors LLC bought a new stake in shares of Best Buy in the first quarter valued at about $53,000. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BBY. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $88.00 to $89.00 and gave the stock an “overweight” rating in a research note on Friday, August 29th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. Evercore ISI boosted their price objective on shares of Best Buy from $75.00 to $77.00 and gave the company an “in-line” rating in a research report on Friday, August 29th. Wedbush boosted their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, August 29th. Finally, Citigroup reiterated a “buy” rating on shares of Best Buy in a research note on Thursday, August 28th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $81.69.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,715 shares of the firm’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares of the company’s stock, valued at $1,640,650.50. This trade represents a 14.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Insiders have sold 201,833 shares of company stock worth $14,941,472 over the last three months. 0.47% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of Best Buy stock opened at $78.33 on Thursday. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $99.80. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The company’s fifty day moving average is $74.34 and its 200 day moving average is $70.20. The stock has a market cap of $16.46 billion, a price-to-earnings ratio of 21.64, a P/E/G ratio of 2.03 and a beta of 1.23.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. Best Buy’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Thursday, September 18th. Best Buy’s dividend payout ratio (DPR) is currently 104.97%.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.