Dimensional Fund Advisors LP Trims Stock Holdings in Best Buy Co., Inc. $BBY

Dimensional Fund Advisors LP lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,889,815 shares of the technology retailer's stock after selling 216,374 shares during the quarter. Dimensional Fund Advisors LP owned 1.37% of Best Buy worth $185,534,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of BBY. Vanguard Group Inc. boosted its stake in shares of Best Buy by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer's stock valued at $1,623,409,000 after buying an additional 307,905 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Best Buy by 30.9% in the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer's stock worth $613,001,000 after buying an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Best Buy by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer's stock valued at $498,805,000 after acquiring an additional 160,713 shares in the last quarter. Invesco Ltd. raised its holdings in Best Buy by 6.1% in the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer's stock valued at $316,718,000 after acquiring an additional 271,988 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Best Buy by 19.1% in the fourth quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer's stock valued at $252,881,000 after acquiring an additional 605,911 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 1.0%

BBY stock opened at $85.26 on Friday. The firm has a market cap of $17.97 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $87.35. The firm has a fifty day moving average price of $75.59 and a two-hundred day moving average price of $68.19. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period last year, the firm posted $1.15 EPS. The company's revenue for the quarter was up 1.9% on a year-over-year basis. 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 firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. Best Buy's dividend payout ratio (DPR) is currently 71.11%.

Analysts Set New Price Targets

BBY has been the subject of several recent analyst reports. Jefferies Financial Group raised their price objective on shares of Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Morgan Stanley upped their target price on shares of Best Buy from $72.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, May 29th. Loop Capital cut shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target on the stock. in a research report on Monday, July 13th. The Goldman Sachs Group lifted their price target on Best Buy from $59.00 to $62.00 and gave the stock a "sell" rating in a research note on Friday, May 29th. Finally, BNP Paribas Exane boosted their price objective on Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $79.50.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the company's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock worth $77,283,527 in the last three months. 0.50% of the stock is currently owned by corporate insiders.

About Best Buy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.