Allspring Global Investments Holdings LLC Sells 4,950 Shares of Best Buy Co., Inc. $BBY

Allspring Global Investments Holdings LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 37.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,315 shares of the technology retailer's stock after selling 4,950 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Best Buy were worth $587,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. IFM Investors Pty Ltd grew its position in shares of Best Buy by 6.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer's stock worth $3,284,000 after buying an additional 3,040 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after buying an additional 13,378 shares during the period. Blackhawk Capital Partners LLC. acquired a new position in shares of Best Buy during the 1st quarter worth about $1,574,000. Alberta Investment Management Corp grew its position in shares of Best Buy by 25.6% in the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock valued at $2,422,000 after purchasing an additional 6,700 shares during the period. Finally, Focus Partners Advisor Solutions LLC grew its position in shares of Best Buy by 191.9% in the 1st quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer's stock valued at $789,000 after purchasing an additional 7,043 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 2,018 shares of the company's 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 sale, the chief accounting officer owned 20,132 shares in the company, valued at $1,545,332.32. This represents a 9.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 325,836 shares of the company's stock in a transaction that occurred on Tuesday, October 21st. The stock was sold at an average price of $82.35, for a total value of $26,832,594.60. Following the sale, the chairman owned 12,161,068 shares in the company, valued at approximately $1,001,463,949.80. This represents a 2.61% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,027,669 shares of company stock worth $82,189,066. Company insiders own 0.47% of the company's stock.

Best Buy Trading Up 1.2%

Shares of Best Buy stock opened at $82.35 on Friday. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $95.49. The stock has a market cap of $17.30 billion, a P/E ratio of 22.75, a P/E/G ratio of 2.14 and a beta of 1.23. 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 business's 50 day moving average is $75.66 and its 200-day moving average is $70.74.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data 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. 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 quarter in the prior year, the business posted $1.34 EPS. The business'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. Equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were paid a dividend of $0.95 per share. The ex-dividend date was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.6%. Best Buy's dividend payout ratio is currently 104.97%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BBY shares. Wall Street Zen lowered Best Buy from a "buy" rating to a "hold" rating in a research report on Saturday, October 18th. Jefferies Financial Group boosted their price objective on Best Buy from $88.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Citigroup reiterated a "buy" rating on shares of Best Buy in a research report on Thursday, August 28th. Wedbush boosted their price objective on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, August 29th. Finally, Truist Financial boosted their price objective on Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a research report on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $81.69.

Best Buy 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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