Empowered Funds LLC Sells 58,893 Shares of Best Buy Co., Inc. $BBY

Key Points

• Empowered Funds LLC reduced its stake in Best Buy by 49.4%, ending with 60,248 shares valued at approximately $4.43 million.
• Several institutional investors have adjusted their positions, with Pinnacle Bancorp Inc. increasing their holdings in Best Buy by 108.5%.
• Best Buy announced a quarterly dividend of $0.95, which represents a 4.8% yield, and will be paid to investors of record on September 18th.

Empowered Funds LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 49.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,248 shares of the technology retailer's stock after selling 58,893 shares during the period. Empowered Funds LLC's holdings in Best Buy were worth $4,435,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Community Bank & Trust Waco Texas grew its stake in Best Buy by 0.5% in the first quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer's stock valued at $2,280,000 after purchasing an additional 145 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Best Buy by 25.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock valued at $53,000 after buying an additional 147 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of Best Buy by 2.4% in the first quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer's stock valued at $467,000 after buying an additional 149 shares in the last quarter. Townsquare Capital LLC increased its holdings in Best Buy by 2.5% during the first quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer's stock worth $454,000 after buying an additional 153 shares during the last quarter. Finally, Bailard Inc. raised its position in Best Buy by 0.7% during the first quarter. Bailard Inc. now owns 21,965 shares of the technology retailer's stock worth $1,617,000 after acquiring an additional 157 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Loop Capital dropped their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. JPMorgan Chase & Co. raised their price objective on Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Bank of America reduced their target price on Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a research note on Friday, August 29th. Wedbush increased their price target on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, August 29th. Finally, Evercore ISI lifted their price objective on shares of Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus price target of $82.59.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 196,100 shares of the business's 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,715 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the sale, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. This represents a 14.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,833 shares of company stock worth $14,941,472 in the last 90 days. 0.59% of the stock is owned by company insiders.

Best Buy Stock Performance

Best Buy stock traded down $1.29 during midday trading on Monday, hitting $74.58. The company's stock had a trading volume of 2,713,234 shares, compared to its average volume of 3,645,421. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The company has a market cap of $15.67 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 2.00 and a beta of 1.19. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.48. The company has a 50-day moving average price of $71.19 and a two-hundred day moving average price of $70.24.

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

Best Buy Announces Dividend

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

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.