Gulf International Bank UK Ltd Sells 3,951 Shares of Best Buy Co., Inc. $BBY

Key Points

• Gulf International Bank UK Ltd reduced its stake in Best Buy Co., Inc. by 25.5% in the first quarter, leaving them with 11,550 shares worth $850,000.
• Best Buy reported earnings of $1.15 per share for the last quarter, surpassing analysts' expectations of $1.09, while quarterly revenue saw a 0.9% decline year-over-year.
• The firm announced a quarterly dividend of $0.95 per share, equating to a 5.3% yield, with a payout ratio of 92.91%.

Gulf International Bank UK Ltd lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 25.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,550 shares of the technology retailer's stock after selling 3,951 shares during the quarter. Gulf International Bank UK Ltd's holdings in Best Buy were worth $850,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Pacer Advisors Inc. increased its holdings in shares of Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after purchasing an additional 998,021 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Best Buy by 31.3% in the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after purchasing an additional 701,287 shares during the last quarter. Nuveen LLC bought a new stake in Best Buy in the 1st quarter worth approximately $39,579,000. Canada Pension Plan Investment Board increased its stake in Best Buy by 461.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock worth $53,367,000 after acquiring an additional 511,161 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Best Buy by 6.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after acquiring an additional 408,605 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 0.4%

NYSE:BBY traded up $0.3210 during mid-day trading on Thursday, hitting $72.5910. 1,366,332 shares of the stock traded hands, compared to its average volume of 3,606,632. The stock has a market capitalization of $15.34 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 1.96 and a beta of 1.21. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The firm's 50 day moving average is $69.19 and its two-hundred day moving average is $72.04. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. The firm had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%.The company's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio is 92.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. UBS Group reduced their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Piper Sandler restated a "neutral" rating and issued a $75.00 target price (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Wedbush reduced their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Truist Financial boosted their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. Finally, Wells Fargo & Company reduced their price objective on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Eight research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $85.72.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.47% of the stock is owned by company insiders.

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.