Bank of New York Mellon Corp Has $145.44 Million Stock Holdings in Best Buy Co., Inc. $BBY

Key Points

• Bank of New York Mellon boosted its Best Buy stake by 2.1% in the first quarter, ending with 2.27 million shares valued at about $145.4 million.
• Best Buy insiders have been selling shares, including Chairman Richard M. Schulze and CAO Mathew Watson, with insiders selling a total of 1.0 million shares worth about $77.3 million over the past 90 days.
• Analysts are mixed on Best Buy: the stock has a consensus rating of Hold with an average price target of $79.50, even as the company recently beat earnings and revenue estimates and raised its FY2027 EPS guidance.

Bank of New York Mellon Corp increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,265,494 shares of the technology retailer's stock after purchasing an additional 46,609 shares during the quarter. Bank of New York Mellon Corp owned 1.08% of Best Buy worth $145,445,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Torren Management LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new stake in shares of Best Buy during the fourth quarter worth $25,000. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the third quarter worth $25,000. Hillsdale Investment Management Inc. bought a new stake in Best Buy in the 4th quarter valued at $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its stake in Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after purchasing an additional 311 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last 90 days. 0.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. The Goldman Sachs Group lifted their price target on Best Buy from $59.00 to $62.00 and gave the company a "sell" rating in a research note on Friday, May 29th. UBS Group reaffirmed a "neutral" rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Jefferies Financial Group increased their price objective on Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Weiss Ratings upgraded Best Buy from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Finally, Wall Street Zen cut Best Buy from a "buy" rating to a "hold" rating in a research note on Monday. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $79.50.

Best Buy Trading Up 0.4%

NYSE BBY opened at $85.75 on Monday. The company has a market cap of $18.07 billion, a PE ratio of 15.88, a PEG ratio of 2.27 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $87.35. The stock has a 50 day moving average of $72.71 and a 200-day moving average of $67.57.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. During the same period last year, the business earned $1.15 earnings per share. The firm's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a dividend of $0.96 per share. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. Best Buy's payout ratio is currently 71.11%.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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