Acadian Asset Management LLC Trims Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Acadian Asset Management LLC has significantly reduced its stake in Best Buy Co., Inc. by 70.5% during the first quarter, now holding 19,479 shares valued at approximately $1.43 million.
• Insiders at Best Buy have also been active, with CAO Mathew Watson and Chairman Richard M. Schulze selling a combined 198,118 shares in recent transactions, totaling around $14.66 million.
• Best Buy recently declared a quarterly dividend of $0.95 per share, with a dividend yield of 5.2%, despite a payout ratio exceeding 100%.

Acadian Asset Management LLC lowered its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 70.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,479 shares of the technology retailer's stock after selling 46,497 shares during the period. Acadian Asset Management LLC's holdings in Best Buy were worth $1,433,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in BBY. Pinnacle Bancorp Inc. boosted its holdings in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after buying an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at $31,000. Grove Bank & Trust boosted its holdings in shares of Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after buying an additional 173 shares in the last quarter. Tompkins Financial Corp bought a new stake in shares of Best Buy during the 1st quarter valued at $48,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Best Buy by 25.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock valued at $53,000 after buying an additional 147 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 3,715 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. This represents a 14.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 201,833 shares of company stock worth $14,941,472 in the last 90 days. Company insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

BBY has been the topic of a number of research reports. Argus restated a "hold" rating on shares of Best Buy in a report on Tuesday, September 16th. Loop Capital dropped their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Truist Financial boosted their target price on shares of Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a report on Friday, August 29th. Piper Sandler restated 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, UBS Group dropped their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Nine equities research 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $82.59.

Best Buy Stock Down 2.0%

Best Buy stock traded down $1.50 during mid-day trading on Friday, reaching $72.23. The stock had a trading volume of 5,600,546 shares, compared to its average volume of 3,803,031. The company has a market capitalization of $15.18 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 1.90 and a beta of 1.19. The company has a 50-day moving average price of $71.36 and a two-hundred day moving average price of $69.98. 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 - Get Free Report) last posted its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The business had revenue of $9.44 billion for the quarter, compared to analysts' expectations 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 business earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be paid a dividend of $0.95 per share. The ex-dividend date is Thursday, September 18th. This represents a $3.80 annualized dividend and a yield of 5.3%. Best Buy's dividend payout ratio is currently 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.