Canada Pension Plan Investment Board Raises Position in Best Buy Co., Inc. $BBY

Key Points

• The Canada Pension Plan Investment Board increased its holdings in Best Buy Co., Inc. by 40.6% during the first quarter, now owning 874,538 shares valued at approximately $64.38 million.
• Best Buy reported earnings of $1.28 per share for the last quarter, exceeding analysts' expectations, and projected FY 2026 earnings guidance of $6.15 to $6.30 EPS.
• The company announced a quarterly dividend of $0.95 per share, representing an annualized yield of 5.2%, with a notable dividend payout ratio of 92.91%.

Canada Pension Plan Investment Board increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 40.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 874,538 shares of the technology retailer's stock after buying an additional 252,544 shares during the period. Canada Pension Plan Investment Board owned 0.41% of Best Buy worth $64,375,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. LRI Investments LLC raised its position in shares of 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 buying an additional 141 shares in the last quarter. Community Bank & Trust Waco Texas raised its position in Best Buy by 0.5% during 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 raised its position in Best Buy by 25.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock valued at $53,000 after purchasing an additional 147 shares in the last quarter. HB Wealth Management LLC raised its position in Best Buy by 2.4% during the first quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer's stock valued at $467,000 after purchasing an additional 149 shares in the last quarter. Finally, Townsquare Capital LLC raised its position in Best Buy by 2.5% during the first quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer's stock valued at $454,000 after purchasing an additional 153 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the stock. Telsey Advisory Group restated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday. Evercore ISI boosted their price objective on shares of Best Buy from $75.00 to $77.00 and gave the company an "in-line" rating in a research report on Friday. Truist Financial boosted their price objective on shares of Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a research report on Friday. Piper Sandler restated a "neutral" rating and set a $75.00 price objective (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Finally, Bank of America lowered their price target on shares of Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a report on Friday. Ten research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Best Buy has an average rating of "Hold" and a consensus target price of $84.44.

Insider Activity at Best Buy

In other 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 sale, the chairman directly 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 SEC, which is available through this hyperlink. 0.59% of the stock is currently owned by company insiders.

Best Buy Trading Up 1.0%

Shares of Best Buy stock traded up $0.75 during trading on Tuesday, hitting $74.39. The company's stock had a trading volume of 4,837,632 shares, compared to its average volume of 3,465,060. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.32. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.48. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 1.95 and a beta of 1.19. The stock has a 50-day moving average price of $70.08 and a two-hundred day moving average price of $71.13.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis 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 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.