First Citizens Bank & Trust Co. Sells 8,417 Shares of Best Buy Co., Inc. $BBY

Key Points

• First Citizens Bank & Trust Co. reduced its stake in Best Buy Co., Inc. by 29.9%, selling 8,417 shares and leaving it with 19,697 shares valued at approximately $1.32 million.
• Best Buy reported a quarterly earnings of $1.28 per share, exceeding analysts' expectations of $1.22, with a revenue of $9.44 billion for the quarter.
• The company declared a quarterly dividend of $0.95 per share, resulting in an annualized dividend yield of 4.6%, despite a high payout ratio of 104.97%.

First Citizens Bank & Trust Co. reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 29.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,697 shares of the technology retailer's stock after selling 8,417 shares during the period. First Citizens Bank & Trust Co.'s holdings in Best Buy were worth $1,322,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of BBY. Oliver Lagore Vanvalin Investment Group bought a new position in Best Buy during the second quarter valued at $26,000. Maseco LLP purchased a new position in shares of Best Buy during the 2nd quarter valued at $39,000. Bogart Wealth LLC grew its stake in shares of Best Buy by 202.0% during the 2nd quarter. Bogart Wealth LLC now owns 604 shares of the technology retailer's stock worth $41,000 after acquiring an additional 404 shares during the period. Sentry Investment Management LLC purchased a new stake in Best Buy in the 2nd quarter worth about $44,000. Finally, Wealth Preservation Advisors LLC bought a new stake in shares of Best Buy in the first quarter valued at approximately $53,000. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 0.8%

Shares of BBY stock opened at $83.07 on Friday. The business has a 50-day moving average price of $75.88 and a two-hundred day moving average price of $70.92. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $95.49. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The firm has a market cap of $17.45 billion, a P/E ratio of 22.95, a price-to-earnings-growth ratio of 2.17 and a beta of 1.23.

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

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Thursday, September 18th. Best Buy's payout ratio is presently 104.97%.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 325,836 shares of the stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $82.35, for a total transaction of $26,832,594.60. Following the transaction, the chairman owned 12,161,068 shares of the company's stock, valued at approximately $1,001,463,949.80. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mathew Watson sold 2,018 shares of the business's stock in a transaction on 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 directly owned 20,132 shares of the company's stock, valued at $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,027,669 shares of company stock valued at $82,189,066 in the last ninety days. 0.47% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BBY. Argus reissued a "hold" rating on shares of Best Buy in a report on Tuesday, September 16th. Truist Financial lifted their price objective on Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a research note on Friday, August 29th. Piper Sandler restated a "neutral" rating and issued a $75.00 target price (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. JPMorgan Chase & Co. raised their price target on Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Finally, Guggenheim reissued a "buy" rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $81.69.

Best Buy Company 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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