Maple Capital Management Inc. Reduces Position in Best Buy Co., Inc. $BBY

Maple Capital Management Inc. trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 30.3% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,214 shares of the technology retailer’s stock after selling 1,395 shares during the quarter. Maple Capital Management Inc.’s holdings in Best Buy were worth $216,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group purchased a new stake in Best Buy in the second quarter worth approximately $26,000. Maseco LLP bought a new position in shares of Best Buy during the 2nd quarter valued at $39,000. Bogart Wealth LLC lifted its holdings in shares of Best Buy by 202.0% during the 2nd quarter. Bogart Wealth LLC now owns 604 shares of the technology retailer’s stock valued at $41,000 after buying an additional 404 shares during the period. True Wealth Design LLC boosted its stake in shares of Best Buy by 775.3% in the 2nd quarter. True Wealth Design LLC now owns 639 shares of the technology retailer’s stock worth $43,000 after buying an additional 566 shares during the last quarter. Finally, Sentry Investment Management LLC bought a new stake in shares of Best Buy in the second quarter worth $44,000. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 2,018 shares of the 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 completion of the transaction, the chief accounting officer directly owned 20,132 shares of the company’s stock, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 74,553 shares of Best Buy stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $84.31, for a total value of $6,285,563.43. Following the completion of the sale, the chairman directly owned 11,451,911 shares in the company, valued at approximately $965,510,616.41. The trade was a 0.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,736,826 shares of company stock worth $141,568,327 over the last quarter. 0.47% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. Evercore ISI raised their target price on Best Buy from $80.00 to $85.00 in a research report on Tuesday, November 4th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $88.00 to $89.00 and gave the stock an “overweight” rating in a research report on Friday, August 29th. Wells Fargo & Company boosted their price objective on shares of Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, August 29th. Bank of America decreased their target price on Best Buy from $63.00 to $60.00 and set an “underperform” rating on the stock in a report on Friday, August 29th. Finally, Guggenheim reiterated a “buy” rating and set a $90.00 target price on shares of Best Buy in a research report on Friday, August 29th. Eight equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $83.38.

Best Buy Price Performance

Shares of Best Buy stock opened at $77.64 on Wednesday. The company has a market capitalization of $16.31 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 2.21 and a beta of 1.25. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The stock’s 50-day simple moving average is $77.63 and its 200-day simple moving average is $72.69. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $95.49.

Best Buy (NYSE:BBY) last posted 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. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The company had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the firm earned $1.34 EPS. The firm’s revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Thursday, September 18th. Best Buy’s payout ratio is 104.97%.

About Best Buy

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.