Pacer Advisors Inc. Sells 1,015,093 Shares of Best Buy Co., Inc. $BBY

Pacer Advisors Inc. lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 51.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 972,293 shares of the technology retailer’s stock after selling 1,015,093 shares during the period. Pacer Advisors Inc. owned about 0.46% of Best Buy worth $62,421,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BBY. Woodline Partners LP lifted its stake in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. increased its position in Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after purchasing an additional 1,234 shares during the period. Investment Management Corp of Ontario increased its position in Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after purchasing an additional 7,288 shares during the period. Ieq Capital LLC raised its holdings in Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after purchasing an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after purchasing an additional 76,102 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Evercore increased their price target on shares of Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Citigroup raised their price objective on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Truist Financial lifted their price objective on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research report on Friday, May 29th. Finally, Weiss Ratings upgraded Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and a consensus target price of $79.50.

Insider Activity

In other news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Best Buy Trading Down 0.1%

NYSE BBY opened at $86.19 on Monday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26. The stock has a market cap of $18.17 billion, a P/E ratio of 15.96, a P/E/G ratio of 2.29 and a beta of 1.30. The stock’s fifty day moving average price is $78.41 and its 200-day moving average price is $68.83. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

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

Best Buy Announces Dividend

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

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.