Best Buy Co., Inc. $BBY Shares Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon boosted its Best Buy stake by 26.4% in the fourth quarter, ending with 2.22 million shares worth about $148.5 million and owning 1.06% of the company.
• Best Buy reported better-than-expected quarterly results, with earnings of $1.28 per share on revenue of $8.94 billion, and raised its FY 2027 guidance to $6.30-$6.60 EPS.
• The company declared a quarterly dividend of $0.96 per share, or $3.84 annually, for a yield of about 5.4%, while analysts currently rate the stock a consensus Hold with a $79.05 target price.

Bank of New York Mellon Corp increased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 26.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,218,885 shares of the technology retailer's stock after purchasing an additional 464,041 shares during the period. Bank of New York Mellon Corp owned 1.06% of Best Buy worth $148,510,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Westpac Banking Corp boosted its stake in Best Buy by 1,002.4% in the fourth quarter. Westpac Banking Corp now owns 5,490 shares of the technology retailer's stock valued at $367,000 after acquiring an additional 4,992 shares during the period. AXQ Capital LP boosted its stake in Best Buy by 519.0% in the fourth quarter. AXQ Capital LP now owns 17,178 shares of the technology retailer's stock valued at $1,150,000 after acquiring an additional 14,403 shares during the period. BNP Paribas acquired a new position in Best Buy in the fourth quarter valued at approximately $2,928,000. New Mexico Educational Retirement Board boosted its stake in Best Buy by 4.6% in the fourth quarter. New Mexico Educational Retirement Board now owns 9,071 shares of the technology retailer's stock valued at $607,000 after acquiring an additional 400 shares during the period. Finally, Thompson Siegel & Walmsley LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $4,397,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Corie S. Barry sold 42,869 shares of the company's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the transaction, the chief executive officer owned 523,138 shares of the company's stock, valued at approximately $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 6,336 shares of the stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the transaction, the executive vice president directly owned 79,137 shares of the company's stock, valued at $5,066,350.74. This trade represents a 7.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 579,381 shares of company stock worth $43,163,654. Insiders own 0.47% of the company's stock.

Best Buy Trading Up 0.8%

NYSE BBY opened at $71.56 on Friday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The stock has a market cap of $15.08 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.90 and a beta of 1.30. The firm's 50 day moving average price is $63.28 and its two-hundred day moving average price is $66.72.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS 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 for the quarter, compared to analysts' expectations of $8.82 billion. During the same period in the previous year, the company posted $1.15 EPS. Best Buy'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. Equities analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 5.4%. Best Buy's payout ratio is currently 71.11%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wedbush boosted their price objective on Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. UBS Group reiterated 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 boosted their price objective on Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Loop Capital boosted their price objective on Best Buy from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $79.05.

Key Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported its first period of positive comparable sales growth in several years, driven by stronger demand in gaming, AI laptops, mobile phones, and other new technology products. The company also pointed to improving higher-margin businesses like Marketplace and Best Buy Ads, which could support profitability. Best Buy Sales Turn Positive As AI Tech Grows And CEO Change Nears
• Positive Sentiment: Management’s Q1 update and earnings call were viewed favorably after the company outperformed expectations and highlighted improving demand across emerging product categories, suggesting consumers are still spending on bigger-ticket electronics despite a tougher backdrop. Best Buy’s Q1 Earnings Call: Our Top 5 Analyst Questions
• Positive Sentiment: KeyCorp raised its FY2027, FY2028, and Q4 2027 earnings estimates for Best Buy, signaling slightly better expectations for future profitability. KeyCorp estimate updates
• Neutral Sentiment: Richard Schulze sold 500,350 Best Buy shares, a headline that may draw attention but does not necessarily change the near-term operating outlook. Richard Schulze Sells 500,350 Shares of Best Buy NYSE: BBY Stock
• Neutral Sentiment: Broader retail earnings commentary suggested consumers remain cautious overall, which provides context for BBY’s results but is not specific enough to be a direct catalyst by itself. What Do Retail Earnings Reports Tell Us About Consumer Spending Trends?

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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