Bank of Nova Scotia Boosts Holdings in Best Buy Co., Inc. $BBY

Bank of Nova Scotia raised its position in Best Buy Co., Inc. (NYSE:BBY) by 305.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 187,508 shares of the technology retailer’s stock after acquiring an additional 141,263 shares during the period. Bank of Nova Scotia’s holdings in Best Buy were worth $12,586,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Best Buy in the second quarter valued at about $171,851,000. AQR Capital Management LLC lifted its stake in shares of Best Buy by 36.5% in the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer’s stock valued at $181,357,000 after purchasing an additional 671,408 shares during the period. Invesco Ltd. boosted its holdings in Best Buy by 15.8% during the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after buying an additional 621,863 shares in the last quarter. Nuveen LLC acquired a new position in Best Buy during the first quarter worth about $39,579,000. Finally, Schroder Investment Management Group increased its stake in Best Buy by 390.8% in the 2nd quarter. Schroder Investment Management Group now owns 605,443 shares of the technology retailer’s stock valued at $40,643,000 after purchasing an additional 482,080 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

NYSE BBY opened at $74.18 on Thursday. The firm has a market capitalization of $15.54 billion, a P/E ratio of 24.56, a P/E/G ratio of 1.86 and a beta of 1.37. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 0.26. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $91.68. The business’s 50-day simple moving average is $77.90 and its 200-day simple moving average is $73.56.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.09. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The company had revenue of $9.67 billion during the quarter, compared to analyst estimates of $9.57 billion. During the same quarter in the prior year, the business earned $1.26 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Tuesday, December 16th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $3.80 annualized dividend and a yield of 5.1%. Best Buy’s payout ratio is 125.83%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 74,553 shares of the business’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $84.31, for a total value of $6,285,563.43. Following the transaction, the chairman owned 11,451,911 shares in the company, valued at approximately $965,510,616.41. The trade was a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 1,534,993 shares of company stock worth $126,626,855 over the last 90 days. 0.47% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Best Buy from $97.00 to $99.00 in a report on Tuesday, November 25th. UBS Group raised their price objective on shares of Best Buy from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, November 26th. The Goldman Sachs Group cut their target price on shares of Best Buy from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Barclays raised their price target on shares of Best Buy from $74.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Finally, Jefferies Financial Group cut their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Tuesday, November 25th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Best Buy has a consensus rating of “Hold” and a consensus target price of $84.47.

Best Buy 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.