CX Institutional Cuts Stock Position in Best Buy Co., Inc. $BBY

Key Points

• CX Institutional reduced its Best Buy stake by 26.2% in the third quarter, selling 28,105 shares and retaining 79,262 shares valued at approximately $6.99 million.
• Best Buy reported quarterly results above expectations, with EPS of $1.47 versus the $1.39 consensus and revenue of $9.78 billion. The company also declared a quarterly dividend of $0.96 per share, representing a 4.4% annualized yield.
• Analyst sentiment remains mixed: Best Buy has an overall “Hold” rating and an average price target of $85.65, while recent insider sales included $10.7 million of stock sold by EVP Kathleen Scarlett and $27.8 million sold by Chairman Richard Schulze.

CX Institutional cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 26.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 79,262 shares of the technology retailer's stock after selling 28,105 shares during the quarter. CX Institutional's holdings in Best Buy were worth $6,994,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. BlackRock Inc. bought a new stake in Best Buy in the 2nd quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp bought a new position in shares of Best Buy during the 2nd quarter worth approximately $174,893,000. Hsbc Holdings PLC raised its holdings in shares of Best Buy by 104.1% in the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock valued at $135,685,000 after purchasing an additional 1,030,544 shares during the last quarter. KBC Group NV raised its holdings in shares of Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock valued at $101,745,000 after purchasing an additional 531,998 shares during the last quarter. Finally, Deutsche Bank AG bought a new stake in shares of Best Buy in the second quarter worth $116,003,000. 80.96% of the stock is owned by institutional investors.

Insider Transactions at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the business's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 300,000 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by insiders.

Best Buy Stock Up 0.2%

BBY stock opened at $87.83 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The stock has a market capitalization of $18.42 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 2.19 and a beta of 1.26. The business's fifty day moving average price is $87.72 and its two-hundred day moving average price is $75.70. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $96.53.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during 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 quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.82 earnings per share for the current year.

Best Buy Announces Dividend

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

Analyst Ratings Changes

BBY has been the subject of several recent research reports. Jefferies Financial Group cut shares of Best Buy from a "buy" rating to a "hold" rating and reduced their target price for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. Wall Street Zen downgraded shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company raised their price objective on Best Buy from $65.00 to $85.00 and gave the company an "equal weight" rating in a report on Tuesday, August 11th. Bank of America started coverage on Best Buy in a research report on Monday, August 3rd. They issued an "underperform" rating and a $80.00 target price on the stock. Finally, Evercore increased their price target on Best Buy from $85.00 to $90.00 in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $85.65.

Best Buy Company Profile

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

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