Amundi Sells 344,045 Shares of Best Buy Co., Inc. $BBY

Key Points

• Amundi has decreased its holdings in Best Buy by 11.0%, selling 344,045 shares and owning approximately 2,778,314 shares worth $204.5 million at the end of the last quarter.
• Best Buy's latest earnings report beat analyst expectations, with an EPS of $1.28 compared to estimates of $1.22, and reported a revenue of $9.44 billion.
• The company announced a quarterly dividend of $0.95 per share, with a dividend yield of 4.9%, reflecting a 104.97% payout ratio.

Amundi decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 11.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,778,314 shares of the technology retailer's stock after selling 344,045 shares during the quarter. Amundi owned 1.31% of Best Buy worth $204,512,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in shares of Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after purchasing an additional 998,021 shares during the last quarter. Nuveen LLC acquired a new stake in Best Buy in the first quarter valued at approximately $39,579,000. Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after buying an additional 408,605 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Best Buy during the fourth quarter worth $29,090,000. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Best Buy by 40.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 874,538 shares of the technology retailer's stock valued at $64,375,000 after acquiring an additional 252,544 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 3,715 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the sale, the chief accounting officer directly owned 22,150 shares in the company, valued at $1,640,650.50. This trade represents a 14.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 196,100 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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. Insiders have sold a total of 201,833 shares of company stock worth $14,941,472 in the last three months. Insiders own 0.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Evercore ISI boosted their price objective on Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research report on Friday, August 29th. Loop Capital reduced their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Piper Sandler reaffirmed a "neutral" rating and issued a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. JPMorgan Chase & Co. lifted their target price 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. Finally, Wedbush boosted their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Best Buy presently has an average rating of "Hold" and an average price target of $82.59.

Best Buy Trading Down 0.8%

Shares of NYSE:BBY traded down $0.64 during midday trading on Wednesday, reaching $76.39. The company's stock had a trading volume of 912,465 shares, compared to its average volume of 3,652,912. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.48. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The firm has a 50 day moving average price of $70.88 and a two-hundred day moving average price of $70.63. The firm has a market capitalization of $16.14 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 2.04 and a beta of 1.19.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. The business had revenue of $9.44 billion during 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 revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's payout ratio is 104.97%.

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.