Voya Investment Management LLC Raises Holdings in Best Buy Co., Inc. $BBY

Voya Investment Management LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,903 shares of the technology retailer’s stock after purchasing an additional 496 shares during the period. Voya Investment Management LLC’s holdings in Best Buy were worth $4,704,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. boosted its holdings in shares of Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 178 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in Best Buy in the 4th quarter worth $31,000. Grove Bank & Trust lifted its holdings in Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock worth $32,000 after buying an additional 173 shares in the last quarter. Tompkins Financial Corp acquired a new position in Best Buy in the 1st quarter worth $48,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of Best Buy by 25.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer’s stock valued at $53,000 after purchasing an additional 147 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Down 1.0%

Best Buy stock opened at $73.76 on Friday. The company has a market capitalization of $15.50 billion, a price-to-earnings ratio of 20.38, a PEG ratio of 1.96 and a beta of 1.19. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.48. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The company’s fifty day moving average price is $71.35 and its two-hundred day moving average price is $70.10.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the firm posted $1.34 EPS. The business’s quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be given a $0.95 dividend. The ex-dividend date is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.2%. Best Buy’s payout ratio is 104.97%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 196,100 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,715 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. The trade was a 14.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 201,833 shares of company stock worth $14,941,472. Company insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BBY. UBS Group dropped their price objective on shares of Best Buy from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Guggenheim restated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, August 29th. Citigroup reiterated a “buy” rating on shares of Best Buy in a report on Thursday, August 28th. Piper Sandler reiterated a “neutral” rating and issued a $75.00 price objective (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $88.00 to $89.00 and gave the stock an “overweight” rating in a research report on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $82.59.

About Best Buy

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.