SVB Wealth LLC Lowers Stock Position in Best Buy Co., Inc. (NYSE:BBY)

SVB Wealth LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 94,816 shares of the technology retailer’s stock after selling 6,512 shares during the period. SVB Wealth LLC’s holdings in Best Buy were worth $7,778,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC bought a new position in shares of Best Buy in the fourth quarter valued at approximately $317,000. Assenagon Asset Management S.A. raised its stake in shares of Best Buy by 941.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 135,846 shares of the technology retailer’s stock worth $10,634,000 after acquiring an additional 122,804 shares in the last quarter. Ritholtz Wealth Management increased its stake in shares of Best Buy by 20.4% in the fourth quarter. Ritholtz Wealth Management now owns 10,994 shares of the technology retailer’s stock worth $861,000 after buying an additional 1,864 shares during the period. Meadow Creek Wealth Advisors LLC purchased a new position in shares of Best Buy in the fourth quarter worth $209,000. Finally, Blue Trust Inc. increased its stake in shares of Best Buy by 15.8% in the fourth quarter. Blue Trust Inc. now owns 3,050 shares of the technology retailer’s stock worth $239,000 after buying an additional 416 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and lifted their price target for the company from $67.00 to $100.00 in a report on Monday, June 3rd. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Telsey Advisory Group reissued an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research report on Thursday, May 30th. Jefferies Financial Group decreased their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Finally, Truist Financial reissued a “hold” rating and issued a $86.00 target price on shares of Best Buy in a research report on Monday, July 1st. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Stock Performance

Best Buy stock traded down $1.87 during midday trading on Monday, hitting $85.48. 2,973,698 shares of the company’s stock were exchanged, compared to its average volume of 3,152,335. The stock has a market cap of $18.44 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 2.82 and a beta of 1.48. The firm’s 50 day simple moving average is $84.52 and its 200 day simple moving average is $79.07. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $93.72.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.96 billion. During the same quarter in the previous year, the business posted $1.15 earnings per share. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. Equities research analysts predict that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.40%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the transaction, the chairman now owns 8,850 shares in the company, valued at approximately $709,858.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the sale, the chairman now owns 8,850 shares in the company, valued at approximately $709,858.50. The disclosure for this sale can be found here. Insiders sold 3,383,370 shares of company stock worth $288,293,276 in the last 90 days. Corporate insiders own 0.59% of the company’s stock.

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.