First Trust Advisors LP Sells 93,598 Shares of Best Buy Co., Inc. $BBY

First Trust Advisors LP decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 576,824 shares of the technology retailer’s stock after selling 93,598 shares during the period. First Trust Advisors LP’s holdings in Best Buy were worth $38,722,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Best Buy by 1.8% in the second quarter. Vanguard Group Inc. now owns 23,395,055 shares of the technology retailer’s stock valued at $1,570,510,000 after acquiring an additional 419,312 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Best Buy by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after purchasing an additional 69,533 shares during the period. Invesco Ltd. grew its position in shares of Best Buy by 15.8% during the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after purchasing an additional 621,863 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Best Buy by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer’s stock worth $240,173,000 after purchasing an additional 105,710 shares during the period. Finally, Norges Bank acquired a new stake in shares of Best Buy in the second quarter valued at approximately $171,851,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Telsey Advisory Group raised their price objective on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 26th. Evercore ISI decreased their price target on Best Buy from $85.00 to $80.00 and set an “in-line” rating on the stock in a research report on Tuesday. Bank of America dropped their price target on Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a research note on Friday, August 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th. Finally, Truist Financial boosted their target price on shares of Best Buy from $79.00 to $84.00 and gave the company a “hold” rating in a research report on Wednesday, November 26th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus price target of $84.47.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $80.83, for a total value of $40,415,000.00. Following the completion of the transaction, the chairman directly owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. This represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 1,534,993 shares of company stock valued at $126,626,855. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Up 0.9%

Shares of BBY opened at $73.21 on Wednesday. The stock has a market capitalization of $15.38 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 1.84 and a beta of 1.37. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $91.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. The stock has a fifty day moving average of $77.96 and a 200-day moving average of $73.56.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, beating the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The firm had revenue of $9.67 billion during the quarter, compared to the consensus estimate of $9.57 billion. During the same period last year, the company earned $1.26 earnings per share. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Tuesday, December 16th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Tuesday, December 16th. Best Buy’s payout ratio is presently 125.83%.

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.