Bessemer Group Inc. Reduces Position in Best Buy Co., Inc. $BBY

Bessemer Group Inc. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 51.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,466 shares of the technology retailer’s stock after selling 6,933 shares during the quarter. Bessemer Group Inc.’s holdings in Best Buy were worth $434,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Best Buy during the second quarter valued at $26,000. Maseco LLP purchased a new stake in Best Buy in the second quarter valued at $39,000. Bogart Wealth LLC boosted its holdings in Best Buy by 202.0% in the second quarter. Bogart Wealth LLC now owns 604 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 404 shares during the last quarter. Sentry Investment Management LLC purchased a new stake in Best Buy in the second quarter valued at $44,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in Best Buy in the first quarter valued at $53,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 500,000 shares of the stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the completion of the transaction, the chairman owned 12,486,904 shares of the company’s stock, valued at $1,009,316,450.32. This represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,715 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares of the company’s stock, valued at $1,640,650.50. The trade was a 14.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,736,826 shares of company stock valued at $141,568,327 in the last three months. Insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on BBY. Piper Sandler reaffirmed a “neutral” rating and issued a $75.00 price target (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Bank of America lowered their price target on shares of Best Buy from $63.00 to $60.00 and set an “underperform” rating on the stock in a report on Friday, August 29th. Barclays reaffirmed an “equal weight” rating and issued a $74.00 price target on shares of Best Buy in a report on Friday, August 29th. Jefferies Financial Group upped their price target on shares of Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Finally, Citigroup reaffirmed a “buy” rating on shares of Best Buy in a report on Thursday, August 28th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $81.69.

Best Buy Trading Down 1.1%

BBY stock opened at $82.23 on Monday. The company’s 50-day simple moving average is $76.89 and its 200-day simple moving average is $71.93. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $95.49. The firm has a market cap of $17.28 billion, a P/E ratio of 22.72, a PEG ratio of 2.21 and a beta of 1.23.

Best Buy (NYSE:BBY) last posted its 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 net margin of 1.87% and a return on equity of 47.32%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the company posted $1.34 EPS. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.6%. Best Buy’s dividend payout ratio is presently 104.97%.

Best Buy Company Profile

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.