Aberdeen Group plc Acquires 43,498 Shares of Best Buy Co., Inc. $BBY

Aberdeen Group plc raised its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 20.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 254,013 shares of the technology retailer's stock after buying an additional 43,498 shares during the period. Aberdeen Group plc owned about 0.12% of Best Buy worth $17,040,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in Best Buy by 6.2% in the first 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 during the period. Invesco Ltd. raised its stake in Best Buy by 6.4% in the first 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 during the period. Dimensional Fund Advisors LP raised its stake in Best Buy by 3.3% in the first 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 during the period. AQR Capital Management LLC increased its stake in shares of Best Buy by 36.5% during the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock worth $181,357,000 after purchasing an additional 671,408 shares during the period. Finally, Federated Hermes Inc. increased its stake in shares of Best Buy by 3.3% during the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer's stock worth $122,577,000 after purchasing an additional 52,550 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Down 0.3%

Shares of NYSE:BBY opened at $77.26 on Wednesday. The company has a market capitalization of $16.23 billion, a P/E ratio of 21.34, a P/E/G ratio of 2.04 and a beta of 1.23. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $99.80. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The business's 50 day simple moving average is $74.13 and its 200 day simple moving average is $70.14.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly 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 for 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 firm's quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

Insiders Place Their Bets

In other Best Buy news, CAO Mathew Watson sold 2,018 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were 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 ninety days, insiders sold 201,833 shares of company stock worth $14,941,472. Company insiders own 0.59% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BBY. Truist Financial increased their target price on Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research note on Friday, August 29th. Wedbush increased their target price on Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Evercore ISI increased their target price on Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research note on Friday, August 29th. Piper Sandler reiterated a "neutral" rating and set a $75.00 target price (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Finally, Bank of America lowered their target price on Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research note on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $81.69.

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.

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