National Pension Service Decreases Stock Holdings in Best Buy Co., Inc. $BBY

National Pension Service cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 10.7% in the second quarter, HoldingsChannel reports. The firm owned 78,861 shares of the technology retailer’s stock after selling 9,478 shares during the quarter. National Pension Service’s holdings in Best Buy were worth $5,984,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Woodline Partners LP raised its stake in Best Buy by 40.1% during the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Best Buy by 4.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario increased its holdings in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after buying an additional 7,288 shares during the last quarter. Ieq Capital LLC increased its holdings in shares of Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after buying an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after buying an additional 76,102 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Best Buy stock opened at $90.89 on Friday. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.37. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $85.24 and a 200-day moving average price of $72.82. The firm has a market capitalization of $19.06 billion, a PE ratio of 15.12, a price-to-earnings-growth ratio of 2.27 and a beta of 1.28.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the prior year, the firm posted $1.28 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.82 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.2%. Best Buy’s dividend payout ratio is currently 63.89%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard Schulze sold 224,705 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 500,000 shares of company stock valued at $39,065,226 in the last quarter. Corporate insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Bank of America began coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target for the company. UBS Group reissued a “neutral” rating and set a $90.00 price objective (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. Morgan Stanley upped their price objective on Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, August 28th. Barclays raised their price objective on Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Wedbush reiterated a “buy” rating on shares of Best Buy in a report on Monday, August 24th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $85.40.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.