Best Buy Co., Inc. $BBY Shares Sold by Armistice Capital LLC

Key Points

• Armistice Capital LLC reduced its stake in Best Buy Co., Inc. by 17.7% in the first quarter, now owning 72,144 shares valued at $5.31 million.
• With 80.96% of the company's stock owned by hedge funds and institutional investors, other firms like Charles Schwab and Invesco increased their holdings in Best Buy during the same period.
• Best Buy's stock is currently rated as a "Hold" with a target price range between $67.00 and $89.00 according to various Wall Street analysts, while the company aims for earnings per share of 6.150-6.300 for FY 2026.

Armistice Capital LLC trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 17.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,144 shares of the technology retailer's stock after selling 15,533 shares during the quarter. Armistice Capital LLC's holdings in Best Buy were worth $5,311,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. LRI Investments LLC increased its stake in shares of Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after acquiring an additional 141 shares during the period. Community Bank & Trust Waco Texas increased its stake in shares of Best Buy by 0.5% during the first quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer's stock worth $2,280,000 after acquiring an additional 145 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in shares of Best Buy by 25.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock worth $53,000 after acquiring an additional 147 shares during the period. HB Wealth Management LLC increased its stake in shares of Best Buy by 2.4% during the first quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer's stock worth $467,000 after acquiring an additional 149 shares during the period. Finally, Townsquare Capital LLC increased its stake in shares of Best Buy by 2.5% during the first quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer's stock worth $454,000 after acquiring an additional 153 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Up 1.0%

Shares of BBY traded up $0.75 on Tuesday, hitting $74.39. 4,837,632 shares of the stock traded hands, compared to its average volume of 3,465,060. The company has a quick ratio of 0.32, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $15.72 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.95 and a beta of 1.19. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.48. The stock's 50 day moving average is $70.08 and its two-hundred day moving average is $71.13.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly 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 company had revenue of $9.44 billion for 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 was up 1.6% on a year-over-year basis. During the same quarter last 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, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

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 dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.1%. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent analyst reports. Wedbush boosted their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday. Guggenheim restated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Friday. Wells Fargo & Company upped their target price on shares of Best Buy from $67.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday. Truist Financial upped their target price on shares of Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research report on Friday. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Ten investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Best Buy has a consensus rating of "Hold" and an average price target of $84.44.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the transaction, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

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.