First Trust Advisors LP Sells 93,598 Shares of Best Buy Co., Inc. $BBY

First Trust Advisors LP lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 576,824 shares of the technology retailer’s stock after selling 93,598 shares during the period. First Trust Advisors LP owned approximately 0.27% of Best Buy worth $38,722,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BBY. National Bank of Canada FI lifted its stake in Best Buy by 54.3% in the first quarter. National Bank of Canada FI now owns 147,931 shares of the technology retailer’s stock valued at $10,889,000 after buying an additional 52,043 shares in the last quarter. Townsquare Capital LLC raised its holdings in shares of Best Buy by 2.5% during the first quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer’s stock worth $454,000 after acquiring an additional 153 shares during the period. Invesco Ltd. lifted its position in Best Buy by 6.4% in the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock valued at $289,051,000 after acquiring an additional 234,669 shares in the last quarter. Nuveen LLC acquired a new position in Best Buy in the 1st quarter worth $39,579,000. Finally, SouthState Corp bought a new position in Best Buy during the 1st quarter worth about $134,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BBY. Guggenheim restated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a report on Wednesday, November 26th. JPMorgan Chase & Co. boosted their target price on Best Buy from $97.00 to $99.00 in a research note on Tuesday, November 25th. Piper Sandler raised their price target on shares of Best Buy from $75.00 to $76.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. Truist Financial lifted their price objective on shares of Best Buy from $79.00 to $84.00 and gave the company a “hold” rating in a report on Wednesday, November 26th. Finally, Bank of America reduced their target price on shares of Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $84.47.

Best Buy Trading Up 0.9%

Best Buy stock opened at $73.21 on Wednesday. The stock has a 50-day simple moving average of $77.96 and a 200 day simple moving average of $73.56. The stock has a market capitalization of $15.38 billion, a P/E ratio of 24.24, a PEG ratio of 1.84 and a beta of 1.37. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $91.68.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. The company had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The business’s revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm posted $1.26 earnings per share. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. Analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Tuesday, December 16th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Tuesday, December 16th. Best Buy’s payout ratio is currently 125.83%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 500,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the completion of the sale, the chairman owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 1,534,993 shares of company stock valued at $126,626,855 over the last 90 days. 0.59% of the stock is owned by corporate insiders.

Best Buy 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.