Bank of New York Mellon Corp Purchases 464,041 Shares of Best Buy Co., Inc. $BBY

Bank of New York Mellon Corp grew its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 26.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,218,885 shares of the technology retailer’s stock after buying an additional 464,041 shares during the quarter. Bank of New York Mellon Corp’s holdings in Best Buy were worth $148,510,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of BBY. AQR Capital Management LLC grew its stake in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Norges Bank bought a new stake in shares of Best Buy during the fourth quarter valued at approximately $174,685,000. KBC Group NV grew its stake in shares of Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock valued at $70,464,000 after purchasing an additional 785,294 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Best Buy by 14,865.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 771,159 shares of the technology retailer’s stock valued at $51,614,000 after purchasing an additional 766,006 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Best Buy in the third quarter valued at approximately $55,475,000. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Up 0.8%

Shares of NYSE BBY opened at $71.56 on Friday. The company’s fifty day moving average is $63.28 and its 200-day moving average is $66.72. The stock has a market cap of $15.08 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 1.90 and a beta of 1.30. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Matthew M. Bilunas sold 11,356 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the sale, the chief financial officer owned 76,884 shares in the company, valued at approximately $4,922,113.68. The trade was a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 579,381 shares of company stock valued at $43,163,654 over the last quarter. 0.47% of the stock is currently owned by corporate insiders.

Best Buy News Roundup

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported its first period of positive comparable sales growth in several years, driven by stronger demand in gaming, AI laptops, mobile phones, and other new technology products. The company also pointed to improving higher-margin businesses like Marketplace and Best Buy Ads, which could support profitability. Best Buy Sales Turn Positive As AI Tech Grows And CEO Change Nears
• Positive Sentiment: Management’s Q1 update and earnings call were viewed favorably after the company outperformed expectations and highlighted improving demand across emerging product categories, suggesting consumers are still spending on bigger-ticket electronics despite a tougher backdrop. Best Buy’s Q1 Earnings Call: Our Top 5 Analyst Questions
• Positive Sentiment: KeyCorp raised its FY2027, FY2028, and Q4 2027 earnings estimates for Best Buy, signaling slightly better expectations for future profitability. KeyCorp estimate updates
• Neutral Sentiment: Richard Schulze sold 500,350 Best Buy shares, a headline that may draw attention but does not necessarily change the near-term operating outlook. Richard Schulze Sells 500,350 Shares of Best Buy (NYSE:BBY) Stock
• Neutral Sentiment: Broader retail earnings commentary suggested consumers remain cautious overall, which provides context for BBY’s results but is not specific enough to be a direct catalyst by itself. What Do Retail Earnings Reports Tell Us About Consumer Spending Trends?

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BBY shares. The Goldman Sachs Group raised their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research note on Friday, May 29th. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the company an “outperform” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. raised their price objective 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. Morgan Stanley raised their price objective on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Finally, Loop Capital raised their price objective on shares of Best Buy from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and a consensus target price of $79.05.

Best Buy 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.