Cullen Investment Group LTD. Has $5.19 Million Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Cullen Investment Group LTD. increased its holdings in Best Buy by 6.9%, acquiring an additional 5,008 shares, bringing their total ownership to 77,302 shares worth $5,189,000 as of the last quarter.
• Best Buy's recent quarterly earnings exceeded expectations, reporting $1.28 EPS and $9.44 billion in revenue, reflecting a 1.6% year-over-year increase.
• The company announced a quarterly dividend of $0.95 per share, representing a 5.0% yield, with a payout ratio currently at 104.97%.

Cullen Investment Group LTD. raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 6.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,302 shares of the technology retailer's stock after acquiring an additional 5,008 shares during the period. Cullen Investment Group LTD.'s holdings in Best Buy were worth $5,189,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after buying an additional 13,378 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Best Buy by 5,519.3% during the 1st quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after buying an additional 170,050 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Best Buy by 10.2% during the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after buying an additional 46,645 shares in the last quarter. Blackhawk Capital Partners LLC. acquired a new position in shares of Best Buy during the 1st quarter worth $1,574,000. Finally, Alberta Investment Management Corp raised its holdings in shares of Best Buy by 25.6% during the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after buying an additional 6,700 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on BBY. Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a report on Friday, August 29th. BNP Paribas raised Best Buy to a "hold" rating in a report on Friday, May 30th. Bank of America lowered their price target on Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a report on Friday, August 29th. Wall Street Zen upgraded Best Buy from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Piper Sandler restated a "neutral" rating and set a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Nine equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $82.59.

Best Buy Trading Down 1.7%

Shares of NYSE BBY traded down $1.29 during trading on Monday, reaching $74.58. The company had a trading volume of 2,713,234 shares, compared to its average volume of 3,742,512. The company's fifty day moving average price is $71.27 and its 200-day moving average price is $70.13. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.48. The stock has a market cap of $15.67 billion, a P/E ratio of 20.60, a PEG ratio of 2.00 and a beta of 1.19. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the company posted $1.34 EPS. The business's revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's payout ratio is currently 104.97%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 196,100 shares of the business's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 3,715 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer directly owned 22,150 shares in the company, valued at $1,640,650.50. This represents a 14.36% decrease in their ownership of the stock. 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 three months. 0.59% of the stock is owned by company insiders.

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.