CIBC Asset Management Inc Acquires 19,101 Shares of Best Buy Co., Inc. $BBY

Key Points

• CIBC Asset Management increased its Best Buy stake by 59.5% in the fourth quarter, buying 19,101 additional shares and bringing its total holding to 51,214 shares worth about $3.43 million.
• Best Buy insiders sold shares during the quarter, including CFO Matthew M. Bilunas and Chairman Richard M. Schulze; overall insider sales totaled 579,381 shares worth about $43.2 million.
• The company posted better-than-expected results in its latest quarter, with EPS and revenue both topping analyst estimates, while Best Buy also maintained a 5.4% dividend yield and received mixed-but-overall Hold-rated analyst sentiment.

CIBC Asset Management Inc raised its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 59.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,214 shares of the technology retailer's stock after purchasing an additional 19,101 shares during the quarter. CIBC Asset Management Inc's holdings in Best Buy were worth $3,428,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Palisade Asset Management LLC bought a new position in Best Buy in the 3rd quarter valued at $25,000. Torren Management LLC bought a new stake in shares of Best Buy during the fourth quarter worth $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy during the fourth quarter worth $29,000. Quest 10 Wealth Builders Inc. raised its position in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after acquiring an additional 311 shares during the last quarter. Finally, Activest Wealth Management raised its position in shares of Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer's stock worth $31,000 after acquiring an additional 424 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 11,356 shares of the business's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $727,011.12. Following the completion of the transaction, the chief financial officer directly owned 76,884 shares of the company's stock, valued at approximately $4,922,113.68. The trade was a 12.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company's stock, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 579,381 shares of company stock valued at $43,163,654 over the last quarter. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Up 0.0%

Shares of Best Buy stock opened at $71.56 on Monday. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99. The business has a fifty day simple moving average of $63.28 and a 200 day simple moving average of $66.66. The stock has a market cap of $15.08 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 1.90 and a beta of 1.30.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.4%. Best Buy's payout ratio is 71.11%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BBY. Jefferies Financial Group boosted their target price on Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Guggenheim restated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Friday, May 29th. Daiwa Securities Group boosted their target price on Best Buy from $68.00 to $77.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 2nd. DA Davidson restated a "buy" rating and set a $78.00 target price on shares of Best Buy in a research report on Friday, May 29th. Finally, Citigroup boosted their target price on Best Buy from $60.00 to $79.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $79.05.

Key Stories Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported its first period of positive comparable sales growth in several years, driven by stronger demand in gaming, AI laptops, mobile phones, and other new technology products. The company also pointed to improving higher-margin businesses like Marketplace and Best Buy Ads, which could support profitability. Best Buy Sales Turn Positive As AI Tech Grows And CEO Change Nears
• Positive Sentiment: Management’s Q1 update and earnings call were viewed favorably after the company outperformed expectations and highlighted improving demand across emerging product categories, suggesting consumers are still spending on bigger-ticket electronics despite a tougher backdrop. Best Buy’s Q1 Earnings Call: Our Top 5 Analyst Questions
• Positive Sentiment: KeyCorp raised its FY2027, FY2028, and Q4 2027 earnings estimates for Best Buy, signaling slightly better expectations for future profitability. KeyCorp estimate updates
• Neutral Sentiment: Richard Schulze sold 500,350 Best Buy shares, a headline that may draw attention but does not necessarily change the near-term operating outlook. Richard Schulze Sells 500,350 Shares of Best Buy NYSE: BBY Stock
• Neutral Sentiment: Broader retail earnings commentary suggested consumers remain cautious overall, which provides context for BBY’s results but is not specific enough to be a direct catalyst by itself. What Do Retail Earnings Reports Tell Us About Consumer Spending Trends?

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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