Ethic Inc. Reduces Stock Position in Best Buy Co., Inc. $BBY

Ethic Inc. trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 35.2% in the third quarter, Holdings Channel.com reports. The fund owned 16,376 shares of the technology retailer’s stock after selling 8,880 shares during the period. Ethic Inc.’s holdings in Best Buy were worth $1,238,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BBY. Norges Bank purchased a new position in Best Buy in the 2nd quarter valued at approximately $171,851,000. AQR Capital Management LLC boosted its position in Best Buy by 39.5% during the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after purchasing an additional 991,141 shares in the last quarter. Pacer Advisors Inc. grew its holdings in Best Buy by 61.9% in the third quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock valued at $151,156,000 after purchasing an additional 764,064 shares during the last quarter. Invesco Ltd. increased its position in shares of Best Buy by 15.8% in the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after buying an additional 621,863 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC raised its stake in shares of Best Buy by 855.5% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock worth $46,094,000 after buying an additional 614,779 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BBY. Argus reiterated a “hold” rating on shares of Best Buy in a research report on Tuesday, September 16th. Telsey Advisory Group lifted their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 26th. BNP Paribas Exane lowered their price target on shares of Best Buy from $69.00 to $68.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 26th. Loop Capital raised their price objective on shares of Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Finally, Wedbush restated a “neutral” rating and set a $75.00 price objective on shares of Best Buy in a research report on Thursday, November 20th. 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 stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and a consensus target price of $84.11.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 500,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the sale, the chairman directly owned 12,486,904 shares of the company’s stock, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 1,534,993 shares of company stock worth $126,626,855 in the last quarter. Corporate insiders own 0.47% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $69.14 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 0.26. The firm has a market cap of $14.49 billion, a PE ratio of 22.89, a P/E/G ratio of 1.70 and a beta of 1.41. The firm has a 50 day simple moving average of $75.27 and a 200-day simple moving average of $73.51. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $91.68.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, topping the consensus estimate of $1.31 by $0.09. The firm had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. Best Buy’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.26 EPS. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Tuesday, December 16th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.5%. The ex-dividend date is Tuesday, December 16th. Best Buy’s dividend payout ratio is presently 125.83%.

Best Buy Company Profile

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.