Hennessy Advisors Inc. Decreases Holdings in Best Buy Co., Inc. $BBY

Hennessy Advisors Inc. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.8% in the second quarter, Holdings Channel reports. The institutional investor owned 32,600 shares of the technology retailer’s stock after selling 600 shares during the period. Hennessy Advisors Inc.’s holdings in Best Buy were worth $2,188,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of BBY. Pacer Advisors Inc. lifted its holdings in Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock worth $75,353,000 after buying an additional 998,021 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Best Buy by 36.5% in the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer’s stock valued at $181,357,000 after purchasing an additional 671,408 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Best Buy in the 1st quarter valued at about $39,579,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 6.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock valued at $512,986,000 after purchasing an additional 408,605 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Best Buy by 40.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 874,538 shares of the technology retailer’s stock valued at $64,375,000 after purchasing an additional 252,544 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 2,018 shares of the company’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 value of $154,901.68. Following the sale, the chief accounting officer owned 20,132 shares in the company, valued at $1,545,332.32. This represents a 9.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 201,833 shares of company stock worth $14,941,472. Insiders own 0.47% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $76.91 on Friday. The company has a market cap of $16.16 billion, a price-to-earnings ratio of 21.25, a price-to-earnings-growth ratio of 2.02 and a beta of 1.23. The stock has a 50 day simple moving average of $72.81 and a 200-day simple moving average of $70.08. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $101.04. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY) last issued its 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 business had revenue of $9.44 billion during 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%.The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared 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. The ex-dividend date is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.9%. Best Buy’s dividend payout ratio is currently 104.97%.

Analyst Ratings Changes

Several research firms have recently weighed in on BBY. Guggenheim reissued a “buy” rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Best Buy in a report on Saturday, September 27th. JPMorgan Chase & Co. boosted their target price on Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Piper Sandler reaffirmed a “neutral” rating and set a $75.00 price objective (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Finally, Argus reaffirmed a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average target price of $81.50.

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.