Lord Abbett & CO. LLC Decreases Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 22.3%, now owning 637,832 shares valued at approximately $46.95 million.
• Best Buy recently reported an earnings per share (EPS) of $1.15 for the quarter, beating analysts' expectations by $0.06, despite a year-over-year revenue decline of 0.9%.
• The company declared a quarterly dividend of $0.95 per share, equivalent to a 5.3% yield, with a payout ratio of approximately 92.91%.

Lord Abbett & CO. LLC reduced its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 22.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 637,832 shares of the technology retailer's stock after selling 182,973 shares during the period. Lord Abbett & CO. LLC owned approximately 0.30% of Best Buy worth $46,951,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BBY. Mirae Asset Global Investments Co. Ltd. boosted its position 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 valued at $14,560,000 after buying an additional 13,378 shares during the last quarter. GAMMA Investing LLC raised 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 buying an additional 170,050 shares during the period. Rhumbline Advisers raised 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 buying an additional 46,645 shares during the period. Blackhawk Capital Partners LLC. bought a new position in shares of Best Buy in the first quarter worth about $1,574,000. Finally, Alberta Investment Management Corp raised 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 buying an additional 6,700 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BBY shares. Wedbush decreased their target price on Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Piper Sandler reiterated a "neutral" rating and issued a $75.00 target price (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Truist Financial boosted their price objective on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a report on Friday, May 30th. Barclays dropped their price objective on Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Finally, BNP Paribas upgraded Best Buy to a "hold" rating in a report on Friday, May 30th. Eight analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $85.72.

Best Buy Price Performance

Shares of Best Buy stock traded up $2.3310 during mid-day trading on Tuesday, reaching $74.1310. 3,131,176 shares of the stock traded hands, compared to its average volume of 3,610,766. The business has a 50-day moving average of $69.21 and a 200 day moving average of $72.03. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The stock has a market capitalization of $15.67 billion, a PE ratio of 18.14, a PEG ratio of 1.89 and a beta of 1.21. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42.

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

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.1%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

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.