Greenwood Capital Associates LLC Boosts Holdings in Best Buy Co., Inc. $BBY

Key Points

• Greenwood Capital Associates LLC increased its holdings in Best Buy Co., Inc. by 38.1% in the 2nd quarter, now owning 17,193 shares valued at approximately $1.15 million.
• Several hedge funds have significantly increased their stakes in Best Buy, with institutional investors currently holding 80.96% of the company's stock.
• Best Buy announced a quarterly dividend of $0.95 per share, equating to an annualized yield of 5.0%, with a payout ratio of 104.97%.

Greenwood Capital Associates LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 38.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,193 shares of the technology retailer's stock after acquiring an additional 4,747 shares during the quarter. Greenwood Capital Associates LLC's holdings in Best Buy were worth $1,154,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in BBY. Pacer Advisors Inc. increased its holdings in Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after acquiring an additional 998,021 shares in the last quarter. AQR Capital Management LLC increased its holdings in Best Buy by 36.5% during the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after acquiring an additional 671,408 shares in the last quarter. Nuveen LLC purchased a new position in Best Buy during the 1st quarter valued at about $39,579,000. Charles Schwab Investment Management Inc. increased its holdings in Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after acquiring an additional 408,605 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Best Buy by 40.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 874,538 shares of the technology retailer's stock valued at $64,375,000 after acquiring an additional 252,544 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BBY shares. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $88.00 to $89.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Wedbush raised their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research note on Friday, August 29th. Truist Financial raised their price target on shares of Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research note on Friday, August 29th. Finally, Barclays reaffirmed an "equal weight" rating and set a $74.00 price target on shares of Best Buy in a research note on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $81.50.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares of the company's stock, valued at $1,640,650.50. The trade was a 14.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 201,833 shares of company stock worth $14,941,472. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

BBY opened at $76.76 on Friday. The company's 50 day simple moving average is $72.62 and its 200 day simple moving average is $70.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $101.04. The stock has a market capitalization of $16.13 billion, a PE ratio of 21.20, a P/E/G ratio of 2.04 and a beta of 1.23.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. Best Buy's revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's payout ratio is 104.97%.

About Best Buy

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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