CX Institutional Sells 10,911 Shares of Best Buy Co., Inc. $BBY

Key Points

• CX Institutional has reduced its holdings in Best Buy Co., Inc. by 61.7%, selling 10,911 shares and owning 6,782 shares valued at $455,000.
• In the latest quarter, several institutional investors, including Mirae Asset Global Investments and GAMMA Investing, have significantly increased their positions in Best Buy.
• Best Buy recently announced a quarterly dividend of $0.95, resulting in a 5.3% annualized dividend yield, with a payout ratio of 104.97%.

CX Institutional trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 61.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,782 shares of the technology retailer's stock after selling 10,911 shares during the period. CX Institutional's holdings in Best Buy were worth $455,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased 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 period. GAMMA Investing LLC increased its position in shares of Best Buy by 5,519.3% during the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock valued at $12,744,000 after buying an additional 170,050 shares during the period. Rhumbline Advisers grew its holdings in 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 purchasing an additional 46,645 shares during the period. Blackhawk Capital Partners LLC. purchased a new stake in Best Buy in the first quarter worth about $1,574,000. Finally, Alberta Investment Management Corp grew its holdings in shares of Best Buy by 25.6% during the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock valued at $2,422,000 after buying an additional 6,700 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Activity

In other news, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the firm's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares of the company's stock, valued at $1,545,332.32. This trade represents a 9.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 201,833 shares of company stock valued at $14,941,472 in the last 90 days. Company insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Best Buy from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Evercore ISI increased their price target on shares of Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research report on Friday, August 29th. JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Bank of America decreased their price objective on shares of Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research report on Friday, August 29th. Finally, Argus restated a "hold" rating on shares of Best Buy in a research report on Tuesday, September 16th. Nine 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. According to MarketBeat, Best Buy presently has a consensus rating of "Hold" and an average price target of $81.50.

Best Buy Price Performance

Best Buy stock opened at $72.32 on Tuesday. The firm has a 50-day moving average price of $71.39 and a 200-day moving average price of $69.93. The firm has a market capitalization of $15.19 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 1.90 and a beta of 1.19. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.48.

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

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) 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.

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