Bank of New York Mellon Corp Takes Position in Best Buy Co., Inc. $BBY

Key Points

• Bank of New York Mellon acquired 2.3 million Best Buy shares in the second quarter, worth approximately $174.9 million and representing about 1.09% of the company. Institutional investors collectively own 80.96% of Best Buy.
• Best Buy reported quarterly EPS of $1.28, beating estimates of $1.23, while revenue rose 1.9% year over year to $8.94 billion. The company pays a quarterly dividend of $0.96, equating to a 4.5% annualized yield.
• Analyst sentiment remains cautious, with Best Buy holding an average “Hold” rating and an average price target of $83.10. Recent insider activity was negative, as insiders sold more than 1 million shares worth about $77.3 million over 90 days.

Bank of New York Mellon Corp acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 2,304,862 shares of the technology retailer's stock, valued at approximately $174,893,000. Bank of New York Mellon Corp owned approximately 1.09% of Best Buy as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Torren Management LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at about $25,000. MV Capital Management Inc. bought a new stake in Best Buy in the fourth quarter valued at approximately $25,000. Palisade Asset Management LLC acquired a new stake in Best Buy during the 3rd quarter valued at approximately $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy during the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. raised its holdings in Best Buy by 239.2% during 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 last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

BBY opened at $86.07 on Friday. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.26. The company has a market cap of $18.14 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 2.47 and a beta of 1.29. The company's fifty day moving average price is $82.15 and its two-hundred day moving average price is $70.72. 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 (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period in the prior year, the firm posted $1.15 EPS. Best Buy's quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.57 EPS for the current fiscal year.

Best Buy Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on BBY. Evercore upped their price objective on shares of Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Weiss Ratings raised shares of Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 target price on the stock. in a report on Monday, July 13th. Wells Fargo & Company increased their price target on Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Finally, Bank of America began coverage on Best Buy in a research report on Monday, August 3rd. They issued an "underperform" rating and a $80.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Best Buy presently has an average rating of "Hold" and an average price target of $83.10.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the business's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 over the last ninety days. 0.50% of the stock is currently owned by company insiders.

About Best Buy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source