Best Buy Co., Inc. $BBY Shares Sold by Lebenthal Global Advisors LLC

Lebenthal Global Advisors LLC decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 41.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,667 shares of the technology retailer’s stock after selling 5,477 shares during the period. Lebenthal Global Advisors LLC’s holdings in Best Buy were worth $677,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BBY. Parcion Private Wealth LLC acquired a new position in Best Buy during the third quarter worth $312,000. Partners Wealth Management LLC purchased a new position in Best Buy in the third quarter worth $239,000. Soltis Investment Advisors LLC purchased a new position in Best Buy in the third quarter worth $209,000. Choreo LLC lifted its holdings in Best Buy by 12.3% in the third quarter. Choreo LLC now owns 18,678 shares of the technology retailer’s stock valued at $1,648,000 after acquiring an additional 2,039 shares during the period. Finally, Interchange Capital Partners LLC lifted its holdings in Best Buy by 27.3% in the third quarter. Interchange Capital Partners LLC now owns 5,267 shares of the technology retailer’s stock valued at $465,000 after acquiring an additional 1,129 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Down 4.8%

Best Buy stock opened at $95.56 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The firm has a market capitalization of $20.04 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 2.39 and a beta of 1.26. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $100.58. The stock’s fifty day moving average is $90.37 and its two-hundred day moving average is $75.33.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio is presently 63.89%.

Insider Activity

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BBY. Bank of America started coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target for the company. Weiss Ratings downgraded shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Citigroup upped their target price on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Guggenheim upped their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Finally, Wells Fargo & Company increased their target price on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $86.15.

Best Buy Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.