Bank of Nova Scotia Takes $14.30 Million Position in Best Buy Co., Inc. $BBY

Key Points

• Bank of Nova Scotia acquired 188,458 Best Buy shares in the second quarter, valued at approximately $14.3 million and representing about 0.09% of the company. Institutional investors collectively own 80.96% of Best Buy.
• Analyst sentiment remains mixed, with a consensus “Hold” rating from 22 analysts and an average price target of $83.10, below the stock’s reported $87.51 opening price.
• Best Buy exceeded quarterly expectations, reporting $1.28 in EPS and $8.94 billion in revenue, while maintaining a quarterly dividend of $0.96 per share, equivalent to a 4.4% annual yield.

Bank of Nova Scotia acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 188,458 shares of the technology retailer's stock, valued at approximately $14,300,000. Bank of Nova Scotia owned approximately 0.09% of Best Buy as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Best Buy in the 2nd quarter valued at approximately $1,932,812,000. AQR Capital Management LLC boosted its holdings in shares of Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock valued at $525,120,000 after buying an additional 3,496,254 shares during the period. Norges Bank bought a new stake in shares of Best Buy during the fourth quarter worth $174,685,000. Schroder Investment Management Group increased its position in shares of Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock worth $207,216,000 after acquiring an additional 2,449,342 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Best Buy during the second quarter worth $174,893,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wedbush reaffirmed a "buy" rating on shares of Best Buy in a research report on Monday. Jefferies Financial Group downgraded Best Buy from a "buy" rating to a "hold" rating and dropped their price target for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. The Goldman Sachs Group boosted their price target on Best Buy from $59.00 to $62.00 and gave the company a "sell" rating in a report on Friday, May 29th. Truist Financial upgraded Best Buy from a "hold" rating to a "buy" rating and increased their price objective for the stock from $81.00 to $95.00 in a report on Tuesday, August 11th. Finally, Loop Capital cut shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target for the company. in a research note on Monday, July 13th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $83.10.

Best Buy Trading Up 1.9%

Best Buy stock opened at $87.51 on Tuesday. The company has a market cap of $18.44 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 2.47 and a beta of 1.29. The firm has a 50-day moving average of $82.36 and a 200-day moving average of $70.91. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $91.26.

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 (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 for the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the previous year, the business earned $1.15 earnings per share. Best Buy's quarterly 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 analysts expect that Best Buy Co., Inc. will post 6.57 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 4.4%. Best Buy's dividend payout ratio is currently 71.11%.

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.

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