Baird Financial Group Inc. Lowers Stake in Best Buy Co., Inc. $BBY

Baird Financial Group Inc. trimmed its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 71.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,916 shares of the technology retailer's stock after selling 36,497 shares during the quarter. Baird Financial Group Inc.'s holdings in Best Buy were worth $1,098,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BBY. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Best Buy by 7.1% during the first 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 during the last quarter. GAMMA Investing LLC grew its stake in shares of Best Buy by 5,519.3% in the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after purchasing an additional 170,050 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Best Buy by 10.2% in the first quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after purchasing an additional 46,645 shares during the last quarter. Blackhawk Capital Partners LLC. bought a new stake in shares of Best Buy in the first quarter worth $1,574,000. Finally, Alberta Investment Management Corp grew its stake in shares of Best Buy by 25.6% in the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after purchasing an additional 6,700 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

Shares of BBY stock traded down $1.92 during trading on Friday, reaching $76.55. 887,399 shares of the company's stock traded hands, compared to its average volume of 3,643,109. The company has a market capitalization of $16.08 billion, a P/E ratio of 21.15, a PEG ratio of 2.02 and a beta of 1.19. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The firm's 50-day moving average is $71.11 and its 200 day moving average is $70.60. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.48.

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

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be paid a $0.95 dividend. The ex-dividend date is Thursday, September 18th. This represents a $3.80 annualized dividend and a yield of 5.0%. Best Buy's dividend payout ratio is currently 104.97%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BBY. Wedbush boosted their price objective on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Wells Fargo & Company boosted their price objective on shares of Best Buy from $67.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Truist Financial boosted their price objective on shares of Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research note on Friday, August 29th. Barclays reissued an "equal weight" rating and issued a $74.00 price objective on shares of Best Buy in a research note on Friday, August 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Best Buy from $88.00 to $89.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $82.59.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 2,018 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares in the company, valued at $1,545,332.32. This represents a 9.11% 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 quarter. Corporate insiders own 0.47% of the company's stock.

Best Buy 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.