Best Buy Co., Inc. $BBY Stock Position Lowered by Amundi

Key Points

• Amundi reduced its Best Buy position by 8.2% in the second quarter, selling 99,895 shares and retaining 1.12 million shares worth approximately $85.1 million. Institutional investors and hedge funds collectively own 80.96% of BBY.
• Best Buy’s latest quarterly results exceeded expectations, with adjusted earnings of $1.47 per share versus the $1.39 consensus and revenue of $9.78 billion. Revenue increased 3.6% year over year, and the company guided to fiscal 2027 EPS of $6.70–$6.90.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $85.40. Best Buy also announced a quarterly dividend of $0.96 per share, representing a 4.4% annualized yield.

Amundi cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 8.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,121,592 shares of the technology retailer's stock after selling 99,895 shares during the quarter. Amundi owned about 0.53% of Best Buy worth $85,103,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Woodline Partners LP boosted its stake in shares of Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock worth $1,210,000 after acquiring an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock valued at $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its stake in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after buying an additional 7,288 shares in the last quarter. Ieq Capital LLC grew its position in Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock worth $10,779,000 after acquiring an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock worth $21,051,000 after buying an additional 76,102 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares of the company's stock, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 500,000 shares of company stock valued at $39,065,226 in the last quarter. Corporate insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BBY. Weiss Ratings upgraded Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 29th. Loop Capital lowered Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. Wedbush restated a "buy" rating on shares of Best Buy in a research note on Monday, August 24th. Evercore raised their price target on shares of Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Finally, Citigroup lifted their price objective on Best Buy from $79.00 to $88.00 and gave the company a "neutral" rating in a report on Thursday, August 13th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and an average price target of $85.40.

Best Buy Stock Performance

Best Buy stock opened at $88.01 on Thursday. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26. The stock has a 50-day simple moving average of $84.77 and a 200 day simple moving average of $72.52. The stock has a market capitalization of $18.46 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 2.23 and a beta of 1.28. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to analysts' expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy's revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be given a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.4%. Best Buy's dividend payout ratio is presently 63.89%.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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