Newport Trust Company LLC Sells 9,994 Shares of Best Buy Co., Inc. $BBY

Newport Trust Company LLC trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,149,706 shares of the technology retailer’s stock after selling 9,994 shares during the quarter. Newport Trust Company LLC owned approximately 0.55% of Best Buy worth $76,950,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new stake in Best Buy during the third quarter worth about $25,000. Torren Management LLC bought a new stake in Best Buy during the fourth quarter worth about $25,000. Root Financial Partners LLC bought a new stake in Best Buy during the third quarter worth about $32,000. Quest 10 Wealth Builders Inc. grew its stake in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after buying an additional 311 shares during the last quarter. Finally, Activest Wealth Management grew its stake in Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock worth $31,000 after buying an additional 424 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $515,296.98. Following the transaction, the executive vice president directly owned 102,669 shares in the company, valued at $6,572,869.38. This represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the transaction, the chief executive officer owned 523,138 shares in the company, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 77,247 shares of company stock valued at $4,945,353 in the last three months. 0.47% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. BNP Paribas Exane upped their price objective on shares of Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 4th. Guggenheim reaffirmed a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research note on Wednesday, March 4th. Piper Sandler reaffirmed a “buy” rating on shares of Best Buy in a research note on Wednesday, March 4th. Jefferies Financial Group decreased their price objective on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Finally, Telsey Advisory Group decreased their price objective on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $70.80.

Best Buy Price Performance

Shares of BBY stock opened at $61.06 on Friday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The firm’s 50 day moving average is $61.76 and its 200-day moving average is $67.32. The firm has a market capitalization of $12.86 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 1.51 and a beta of 1.22. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. During the same period in the prior year, the business earned $2.58 earnings per share. Best Buy’s quarterly revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.3%. Best Buy’s dividend payout ratio (DPR) is currently 76.19%.

Best Buy Company 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.