Independence Bank of Kentucky Reduces Stake in Best Buy Co., Inc. $BBY

Independence Bank of Kentucky reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,675 shares of the technology retailer’s stock after selling 250 shares during the quarter. Independence Bank of Kentucky’s holdings in Best Buy were worth $180,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its stake in shares of Best Buy by 6.2% during 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 buying an additional 408,605 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Best Buy by 6.4% during the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock valued at $289,051,000 after buying an additional 234,669 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Best Buy by 3.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer’s stock valued at $240,173,000 after buying an additional 105,710 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Best Buy by 36.5% during 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 buying an additional 671,408 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Best Buy by 3.3% during the 1st quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer’s stock valued at $122,577,000 after buying an additional 52,550 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on BBY. Citigroup restated a “buy” rating on shares of Best Buy in a research note on Thursday, August 28th. Wells Fargo & Company upped their price target on shares of Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Piper Sandler reaffirmed a “neutral” rating and set a $75.00 target price (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of Best Buy from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $81.50.

Best Buy Price Performance

Shares of NYSE:BBY opened at $75.58 on Tuesday. The company’s fifty day moving average price is $72.11 and its 200-day moving average price is $69.97. The firm has a market capitalization of $15.88 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 2.00 and a beta of 1.19. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.48. 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 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.0%. Best Buy’s dividend payout ratio is 104.97%.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 2,018 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares of the company’s stock, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Insiders sold a total of 201,833 shares of company stock valued at $14,941,472 in the last ninety days. 0.59% of the stock is owned by corporate insiders.

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.