CIBC Asset Management Inc Has $3.43 Million Stake in Best Buy Co., Inc. $BBY

CIBC Asset Management Inc raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 59.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,214 shares of the technology retailer’s stock after acquiring an additional 19,101 shares during the period. CIBC Asset Management Inc’s holdings in Best Buy were worth $3,428,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after buying an additional 307,905 shares during the period. AQR Capital Management LLC boosted its position 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 worth $525,120,000 after buying an additional 3,496,254 shares during the period. Northern Trust Corp boosted its position in shares of Best Buy by 5.5% during the third quarter. Northern Trust Corp now owns 2,888,664 shares of the technology retailer’s stock worth $218,441,000 after buying an additional 150,871 shares during the period. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter worth about $174,685,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Best Buy by 26.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,218,885 shares of the technology retailer’s stock worth $148,510,000 after buying an additional 464,041 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

BBY opened at $71.56 on Monday. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $84.99. The firm has a market capitalization of $15.08 billion, a PE ratio of 13.25, a PEG ratio of 1.90 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The business’s 50-day simple moving average is $63.28 and its 200 day simple moving average is $66.66.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. Best Buy’s revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a $0.96 dividend. The ex-dividend date is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.4%. Best Buy’s dividend payout ratio is currently 71.11%.

Key Headlines Impacting Best Buy

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 Analysts Forecast Growth

BBY has been the subject of several recent research reports. Weiss Ratings cut Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 7th. BNP Paribas Exane upped their price objective on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Piper Sandler reaffirmed a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a research report on Thursday, May 28th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Wedbush upped their price objective on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $79.05.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Corie S. Barry sold 42,869 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the sale, the chief executive officer owned 523,138 shares in the company, valued at $33,491,294.76. This represents a 7.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 579,381 shares of company stock valued at $43,163,654. Company insiders own 0.59% of the company’s stock.

About Best Buy

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.