Aberdeen Group plc Trims Position in Best Buy Co., Inc. $BBY

Key Points

• Aberdeen Group plc has reduced its stake in Best Buy Co., Inc. by 75%, selling 632,480 shares and now holding 210,515 shares valued at approximately $15.3 million.
• Best Buy's recent earnings report indicated a decrease of 0.9% in revenue year-over-year, with earnings per share of $1.15, surpassing analyst expectations of $1.09.
• The company declared a quarterly dividend of $0.95 per share, resulting in an annual yield of 5.3% and a payout ratio of 92.91%.

Aberdeen Group plc reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 75.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,515 shares of the technology retailer's stock after selling 632,480 shares during the quarter. Aberdeen Group plc owned about 0.10% of Best Buy worth $15,312,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. raised its stake in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after acquiring an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new position in Best Buy in the fourth quarter valued at $31,000. Ancora Advisors LLC increased its stake in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares during the period. Grove Bank & Trust increased its stake in Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 173 shares during the period. Finally, LRI Investments LLC increased its stake in Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after purchasing an additional 141 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.47% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Wedbush dropped their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Wells Fargo & Company dropped their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Telsey Advisory Group restated an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. Truist Financial boosted their price target on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Finally, Loop Capital dropped their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Best Buy currently has an average rating of "Hold" and an average target price of $85.72.

Best Buy Price Performance

BBY stock traded up $0.1440 during trading on Thursday, reaching $72.4140. 2,805,625 shares of the company were exchanged, compared to its average volume of 3,001,494. The company has a market cap of $15.30 billion, a P/E ratio of 17.71, a PEG ratio of 1.91 and a beta of 1.21. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The stock's 50 day moving average price is $69.19 and its 200 day moving average price is $72.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The firm had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio is 92.91%.

About Best Buy

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.