Alberta Investment Management Corp Boosts Position in Best Buy Co., Inc. $BBY

Alberta Investment Management Corp lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 8.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,700 shares of the technology retailer’s stock after purchasing an additional 2,800 shares during the period. Alberta Investment Management Corp’s holdings in Best Buy were worth $2,397,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of BBY. Private Advisor Group LLC grew its stake in Best Buy by 7.5% during the first quarter. Private Advisor Group LLC now owns 5,983 shares of the technology retailer’s stock valued at $440,000 after acquiring an additional 420 shares in the last quarter. Kestra Private Wealth Services LLC boosted its holdings in shares of Best Buy by 35.1% during the 1st quarter. Kestra Private Wealth Services LLC now owns 5,474 shares of the technology retailer’s stock valued at $403,000 after purchasing an additional 1,422 shares during the last quarter. Twin Capital Management Inc. purchased a new position in shares of Best Buy during the first quarter valued at about $231,000. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Best Buy by 31.3% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 319,034 shares of the technology retailer’s stock worth $23,484,000 after purchasing an additional 76,092 shares during the last quarter. Finally, Optimist Retirement Group LLC increased its holdings in shares of Best Buy by 13.7% in the first quarter. Optimist Retirement Group LLC now owns 3,084 shares of the technology retailer’s stock worth $227,000 after purchasing an additional 372 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 74,553 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $84.31, for a total transaction of $6,285,563.43. Following the sale, the chairman directly owned 11,451,911 shares of the company’s stock, valued at $965,510,616.41. This represents a 0.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 2,018 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the transaction, the chief accounting officer owned 20,132 shares of the company’s stock, valued at $1,545,332.32. This trade represents a 9.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,736,826 shares of company stock valued at $141,568,327 over the last ninety days. Insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BBY. Wells Fargo & Company raised their target price on shares of Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 29th. Argus reissued a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. JPMorgan Chase & Co. upped their target price on shares of Best Buy from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday. 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. Finally, Guggenheim reissued a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, August 29th. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $83.88.

Best Buy Stock Down 0.7%

BBY stock opened at $75.67 on Monday. The company has a market capitalization of $15.90 billion, a P/E ratio of 20.90, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $95.49. The firm’s fifty day simple moving average is $77.66 and its 200-day simple moving average is $72.89. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Thursday, September 18th. Best Buy’s dividend payout ratio (DPR) is currently 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.