Best Buy Co., Inc. $BBY Shares Acquired by M&T Bank Corp

Key Points

• M&T Bank boosted its Best Buy stake by 917.6% in Q4 to 115,411 shares, worth about $7.72 million (roughly 0.06% of the company).
• Company insiders have been net sellers recently: CEO Corie S. Barry sold 42,869 shares and insiders sold a total of 77,247 shares (~$4.95 million) over the past 90 days, with insiders owning about 0.47% of the stock.
• Best Buy beat Q results on EPS ($2.61 vs. $2.48) but missed revenue estimates slightly, raised its quarterly dividend to $0.96 (a 6.4% yield), set FY2027 EPS guidance of 6.30–6.60, and carries an average analyst rating of "Hold" with a $74.85 target.

M&T Bank Corp lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 917.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 115,411 shares of the technology retailer's stock after acquiring an additional 104,070 shares during the quarter. M&T Bank Corp owned about 0.06% of Best Buy worth $7,724,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in BBY. Woodline Partners LP increased its stake in shares of Best Buy by 40.1% during the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock valued at $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock valued at $1,984,000 after acquiring an additional 1,234 shares during the period. Investment Management Corp of Ontario increased its stake in shares of Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC increased its stake in shares of Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after acquiring an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock valued at $21,051,000 after acquiring an additional 76,102 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Activity

In other Best Buy news, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 523,138 shares in the company, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Todd G. Hartman sold 5,339 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $341,802.78. Following the transaction, the insider owned 44,098 shares in the company, valued at approximately $2,823,153.96. The trade was a 10.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 77,247 shares of company stock worth $4,945,353. 0.47% of the stock is owned by corporate insiders.

Best Buy Trading Down 1.7%

Best Buy stock opened at $60.45 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The firm has a market cap of $12.64 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. Best Buy Co., Inc. has a 1 year low of $59.77 and a 1 year high of $84.99. The firm's 50 day moving average price is $63.87 and its two-hundred day moving average price is $70.00.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.13. The firm had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The firm's quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 6.4%. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy's previous quarterly dividend of $0.95. Best Buy's dividend payout ratio is presently 76.19%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BBY shares. Wall Street Zen lowered shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Best Buy in a research note on Wednesday, January 21st. BNP Paribas Exane lifted their price target on shares of Best Buy from $68.00 to $74.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 4th. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Citigroup lifted their price target on shares of Best Buy from $67.00 to $69.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 4th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $74.85.

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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