1,099,463 Shares in Best Buy Co., Inc. $BBY Bought by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,099,463 shares of the technology retailer's stock, valued at approximately $83,427,000. Legal & General Group Plc owned 0.52% of Best Buy as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Best Buy in the 2nd quarter valued at about $1,932,812,000. AQR Capital Management LLC raised its position in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after acquiring an additional 3,496,254 shares during the last quarter. Norges Bank acquired a new position in shares of Best Buy in the fourth quarter worth approximately $174,685,000. Schroder Investment Management Group lifted its stake in shares of Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock worth $207,216,000 after acquiring an additional 2,449,342 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Best Buy in the second quarter valued at approximately $174,893,000. 80.96% of the stock is owned by institutional investors.

Key Headlines Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Quarterly results exceeded expectations: Adjusted EPS was $1.47 versus the $1.39 consensus estimate, while revenue rose 3.6% year over year to $9.78 billion, ahead of the $9.59 billion forecast. Best Buy Reports Second Quarter Results
• Positive Sentiment: Comparable sales showed momentum: Enterprise comparable sales increased 4.1%, above guidance, led by a 4.5% gain in the domestic business. Strength in computing and demand for AI-related products, including AI glasses, supported the improvement. Best Buy tops quarterly estimates, raises outlook as computing shows strength
• Positive Sentiment: Best Buy raised its fiscal 2027 outlook: Adjusted EPS guidance increased to $6.70-$6.90 from $6.30-$6.60, and revenue guidance was lifted to $42.3-$42.8 billion, above the roughly $42.1 billion analyst consensus. Best Buy raises annual sales forecast on steady electronics demand
• Positive Sentiment: Omnichannel initiatives could support longer-term growth: The retailer is rolling out its “Ask Blue” conversational AI assistant, expanding smaller-format stores and broadening online and in-store customer engagement. Best Buy Expands Omnichannel Footprint With OpenAI Integration and Smaller-Format Stores
• Neutral Sentiment: Management cited resilient technology-upgrade and replacement demand despite cautious consumer spending. The company is also preparing for incoming CEO Jason Bonfig, creating a potential transition factor for investors. Best Buy Raises Outlook as Sales Grow
• Negative Sentiment: Shares fell despite the earnings beat: The market reaction suggests investors may have expected an even stronger outlook or were locking in gains following BBY’s substantial run toward its 52-week high. Concerns about cautious consumers and the sustainability of discretionary electronics demand remain overhangs. Why Best Buy Stock Fell Despite Strong Q2 Earnings Beat

Analyst Upgrades and Downgrades

BBY has been the subject of several analyst reports. UBS Group restated a "neutral" rating and set a $86.00 price target (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Piper Sandler lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, August 20th. BNP Paribas Exane boosted their target price on shares of Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Finally, DA Davidson reaffirmed a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, June 22nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Best Buy presently has an average rating of "Hold" and an average price target of $83.35.

Best Buy Price Performance

Shares of BBY opened at $83.77 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26. The business's 50 day moving average price is $83.01 and its two-hundred day moving average price is $71.26. The firm has a market cap of $17.66 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 2.50 and a beta of 1.29.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. During the same period last year, the company posted $1.28 earnings per share. The business's quarterly revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.6 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy's dividend payout ratio is 71.11%.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of the firm's stock in a transaction dated 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 completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders sold 500,000 shares of company stock valued at $39,065,226. Company insiders own 0.50% of the company's stock.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source