Bank of New York Mellon Corp Has $145.44 Million Stock Holdings in Best Buy Co., Inc. $BBY

Bank of New York Mellon Corp lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,265,494 shares of the technology retailer’s stock after acquiring an additional 46,609 shares during the period. Bank of New York Mellon Corp’s holdings in Best Buy were worth $145,445,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Woodline Partners LP raised its position in shares of Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after buying an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario lifted its stake in Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after purchasing an additional 7,288 shares during the last quarter. Ieq Capital LLC boosted its holdings in shares of Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after purchasing an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after purchasing an additional 76,102 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,002,134 shares of company stock valued at $77,283,527 in the last three months. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of a number of research analyst reports. Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a report on Monday. Evercore raised their price objective on Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Daiwa Securities Group lifted their target price on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. UBS Group reissued a “neutral” rating and set a $86.00 target price (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Finally, Morgan Stanley increased their target price on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $79.50.

Best Buy Stock Up 0.4%

Shares of BBY opened at $85.75 on Monday. The company has a market capitalization of $18.07 billion, a PE ratio of 15.88, a PEG ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $87.35. The stock’s 50-day moving average price is $72.71 and its two-hundred day moving average price is $67.57. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating 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 company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. The business’s quarterly 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. On average, analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.5%. Best Buy’s dividend payout ratio is presently 71.11%.

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.