Harrell Investment Partners LLC Cuts Stock Holdings in Best Buy Co., Inc. $BBY

Key Points

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Harrell Investment Partners LLC reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 17.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,118 shares of the technology retailer's stock after selling 6,050 shares during the period. Harrell Investment Partners LLC's holdings in Best Buy were worth $1,888,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BBY. Pinnacle Bancorp Inc. increased its holdings in Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after buying an additional 178 shares in the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new position in Best Buy in the second quarter valued at about $26,000. Grove Bank & Trust increased its holdings in Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after buying an additional 173 shares in the last quarter. Maseco LLP purchased a new position in Best Buy in the second quarter valued at about $39,000. Finally, Tompkins Financial Corp purchased a new position in Best Buy in the first quarter valued at about $48,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on BBY shares. Loop Capital dropped their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. Guggenheim reaffirmed a "buy" rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Argus reissued a "hold" rating on shares of Best Buy in a research note on Tuesday, September 16th. Truist Financial raised their price objective 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, JPMorgan Chase & Co. raised their price objective 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. Nine investment 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. Based on data from MarketBeat, Best Buy currently has an average rating of "Hold" and a consensus target price of $81.50.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 2,018 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total transaction of $154,901.68. Following the sale, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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. In the last 90 days, insiders have sold 201,833 shares of company stock worth $14,941,472. 0.47% of the stock is owned by company insiders.

Best Buy Stock Up 1.5%

Shares of NYSE BBY opened at $74.11 on Thursday. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.48. The firm's 50 day moving average price is $71.61 and its 200 day moving average price is $69.98. The firm has a market cap of $15.57 billion, a P/E ratio of 20.47, a price-to-earnings-growth ratio of 1.92 and a beta of 1.19. 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 (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the business earned $1.34 earnings per share. Best Buy's revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be given a dividend of $0.95 per share. The ex-dividend date is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.1%. Best Buy's dividend payout ratio (DPR) 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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