SG Americas Securities LLC Sells 68,383 Shares of Best Buy Co., Inc. (NYSE:BBY)

SG Americas Securities LLC lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 41.5% during the first quarter, Holdings Channel.com reports. The firm owned 96,525 shares of the technology retailer’s stock after selling 68,383 shares during the quarter. SG Americas Securities LLC’s holdings in Best Buy were worth $7,105,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. International Private Wealth Advisors LLC boosted its position in Best Buy by 8.8% during the first quarter. International Private Wealth Advisors LLC now owns 3,565 shares of the technology retailer’s stock valued at $262,000 after purchasing an additional 289 shares in the last quarter. Tounjian Advisory Partners LLC purchased a new stake in Best Buy in the first quarter valued at about $923,000. Farther Finance Advisors LLC raised its stake in Best Buy by 35.8% in the first quarter. Farther Finance Advisors LLC now owns 6,940 shares of the technology retailer’s stock valued at $516,000 after buying an additional 1,828 shares during the last quarter. Disciplined Equity Management Inc. raised its stake in Best Buy by 4.9% in the first quarter. Disciplined Equity Management Inc. now owns 15,733 shares of the technology retailer’s stock valued at $1,158,000 after buying an additional 730 shares during the last quarter. Finally, Park Avenue Securities LLC raised its stake in Best Buy by 8.6% in the first quarter. Park Avenue Securities LLC now owns 11,225 shares of the technology retailer’s stock valued at $826,000 after buying an additional 891 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Truist Financial increased their price target on Best Buy from $64.00 to $69.00 and gave the company a “hold” rating in a research note on Friday, May 30th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. UBS Group decreased their price target on Best Buy from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Finally, Morgan Stanley decreased their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $86.11.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard M. Schulze sold 729,201 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman now owns 196,100 shares of the company’s stock, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 807,556 shares of company stock valued at $58,962,426 over the last ninety days. Company insiders own 0.47% of the company’s stock.

Best Buy Stock Down 3.0%

Best Buy stock opened at $72.63 on Thursday. The firm has a market cap of $15.37 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The business’s 50-day moving average price is $67.31 and its 200 day moving average price is $77.95. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period last year, the company earned $1.20 earnings per share. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.23%. The ex-dividend date is Wednesday, June 18th. Best Buy’s dividend payout ratio (DPR) is 92.91%.

Best Buy 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.