Fifth Third Bancorp Sells 2,854 Shares of Best Buy Co., Inc. $BBY

Fifth Third Bancorp decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 25.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 8,239 shares of the technology retailer’s stock after selling 2,854 shares during the period. Fifth Third Bancorp’s holdings in Best Buy were worth $553,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Community Bank & Trust Waco Texas grew its holdings in shares of Best Buy by 0.5% in the first quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer’s stock worth $2,280,000 after purchasing an additional 145 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Best Buy by 25.6% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer’s stock valued at $53,000 after acquiring an additional 147 shares in the last quarter. HB Wealth Management LLC boosted its holdings in Best Buy by 2.4% in the first quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer’s stock valued at $467,000 after acquiring an additional 149 shares in the last quarter. Townsquare Capital LLC boosted its holdings in Best Buy by 2.5% in the first quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer’s stock valued at $454,000 after acquiring an additional 153 shares in the last quarter. Finally, Bailard Inc. boosted its holdings in Best Buy by 0.7% in the first quarter. Bailard Inc. now owns 21,965 shares of the technology retailer’s stock valued at $1,617,000 after acquiring an additional 157 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In related news, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 2,018 shares of Best Buy stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares of the company’s stock, valued at $1,545,332.32. The trade was a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 201,833 shares of company stock valued at $14,941,472 over the last quarter. 0.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BBY. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Telsey Advisory Group reiterated an “outperform” rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, August 29th. Guggenheim reiterated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, August 29th. Barclays reiterated an “equal weight” rating and issued a $74.00 price target on shares of Best Buy in a report on Friday, August 29th. Finally, Truist Financial lifted their price target on shares of Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average target price of $81.50.

Best Buy Price Performance

BBY opened at $75.58 on Tuesday. The stock has a 50-day moving average price of $72.11 and a 200-day moving average price of $69.97. 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 firm has a market cap of $15.88 billion, a PE ratio of 20.88, a P/E/G ratio of 2.00 and a beta of 1.19. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.48.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm earned $1.34 EPS. Best Buy’s quarterly revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 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, October 9th. Investors of record on Thursday, September 18th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.0%. The ex-dividend date is Thursday, September 18th. Best Buy’s dividend payout ratio (DPR) is presently 104.97%.

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.