Best Buy Co., Inc. $BBY Shares Bought by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC increased its stake in Best Buy Co., Inc. by 36.5% in the first quarter, holding a total of 2,510,476 shares with a value of approximately $181.36 million.
• Best Buy reported a quarterly earnings per share of $1.28, surpassing the consensus estimate of $1.22, with a total revenue of $9.44 billion for the quarter.
• The company announced a quarterly dividend of $0.95 per share, set to be paid on October 9th, with a yield of 5.1% based on its current payout ratio.

AQR Capital Management LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 36.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,510,476 shares of the technology retailer's stock after purchasing an additional 671,408 shares during the quarter. AQR Capital Management LLC owned about 1.19% of Best Buy worth $181,357,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its position 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 acquiring an additional 408,605 shares during the period. Invesco Ltd. raised its holdings 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 acquiring an additional 234,669 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 105,710 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Best Buy by 9.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,605,902 shares of the technology retailer's stock valued at $223,586,000 after acquiring an additional 215,265 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Best Buy by 3.3% in the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer's stock valued at $122,577,000 after acquiring an additional 52,550 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Citigroup reaffirmed a "buy" rating on shares of Best Buy in a report on Thursday, August 28th. Wells Fargo & Company raised their target price on shares of Best Buy from $67.00 to $75.00 and gave the company a "buy" rating in a report on Friday, August 29th. Wedbush raised their target price on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, August 29th. Loop Capital reduced 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. Finally, JPMorgan Chase & Co. raised their target price on shares of Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $82.59.

Insiders Place Their Bets

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

Best Buy Stock Performance

NYSE BBY traded down $1.02 during trading hours on Tuesday, hitting $76.57. The company had a trading volume of 905,668 shares, compared to its average volume of 3,657,956. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.48. The company has a market cap of $16.18 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 2.00 and a beta of 1.19. The business has a 50 day moving average of $70.75 and a 200-day moving average of $70.59.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data 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 company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. Best Buy's revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's payout ratio is presently 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.