Janney Capital Management LLC Grows Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Janney Capital Management LLC increased its stock position in Best Buy by 15.3%, holding 193,182 shares worth approximately $12.97 million as of the most recent SEC filing.
• Wall Street analysts have mixed ratings on Best Buy, with a consensus average target price of $81.50 and several rating the stock as "Hold" or "Neutral."
• Best Buy recently declared a quarterly dividend of $0.95 per share, with an annualized yield of 5.0%, despite having a dividend payout ratio of 104.97%.

Janney Capital Management LLC increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 15.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,182 shares of the technology retailer's stock after buying an additional 25,659 shares during the period. Janney Capital Management LLC owned about 0.09% of Best Buy worth $12,968,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BBY. Pacer Advisors Inc. raised its stake in Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after purchasing an additional 998,021 shares during the last quarter. AQR Capital Management LLC raised its stake in Best Buy by 36.5% in 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 purchasing an additional 671,408 shares during the last quarter. Nuveen LLC acquired a new position in Best Buy in the 1st quarter valued at about $39,579,000. Charles Schwab Investment Management Inc. raised 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 valued at $512,986,000 after purchasing an additional 408,605 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in Best Buy by 40.6% in 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 purchasing an additional 252,544 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Argus reissued a "hold" rating on shares of Best Buy in a research note on Tuesday, September 16th. Piper Sandler reissued a "neutral" rating and issued a $75.00 target price (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, August 29th. Barclays reaffirmed an "equal weight" rating and set a $74.00 price objective on shares of Best Buy in a research note on Friday, August 29th. Finally, Evercore ISI upped their price objective on shares of Best Buy from $75.00 to $77.00 and gave the company an "in-line" rating in a research note on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $81.50.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,715 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. This represents a 14.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the company'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 value of $14,511,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 201,833 shares of company stock valued at $14,941,472. 0.59% of the stock is owned by company insiders.

Best Buy Stock Down 0.7%

BBY opened at $75.58 on Tuesday. The firm has a 50 day moving average price of $72.11 and a 200 day moving average price of $69.97. The company has a market cap of $15.88 billion, a PE ratio of 20.88, a price-to-earnings-growth ratio of 2.00 and a beta of 1.19. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.48. 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 posted 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. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The company's revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

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