Lbp Am Sa Boosts Stock Holdings in Best Buy Co., Inc. $BBY

Key Points

• Lbp Am Sa increased its holdings in Best Buy Co., Inc. by 734.3%, owning 129,672 shares valued at approximately $8.7 million.
• Multiple institutional investors have adjusted their stakes, with hedge funds collectively owning 80.96% of Best Buy's stock.
• Best Buy is set to pay a quarterly dividend of $0.95 on October 9th, reflecting an annual yield of 4.9%.

Lbp Am Sa boosted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 734.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 129,672 shares of the technology retailer's stock after purchasing an additional 114,129 shares during the period. Lbp Am Sa owned about 0.06% of Best Buy worth $8,705,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Truist Financial Corp lifted its stake in Best Buy by 5.1% in the second quarter. Truist Financial Corp now owns 28,195 shares of the technology retailer's stock valued at $1,893,000 after purchasing an additional 1,369 shares during the last quarter. Capital Investment Advisors LLC lifted its position in shares of Best Buy by 0.8% during the second quarter. Capital Investment Advisors LLC now owns 19,033 shares of the technology retailer's stock worth $1,278,000 after acquiring an additional 154 shares in the last quarter. Centennial Wealth Advisory LLC lifted its position in shares of Best Buy by 15.0% during the second quarter. Centennial Wealth Advisory LLC now owns 6,081 shares of the technology retailer's stock worth $409,000 after acquiring an additional 791 shares in the last quarter. Janney Capital Management LLC lifted its position in shares of Best Buy by 15.3% during the second quarter. Janney Capital Management LLC now owns 193,182 shares of the technology retailer's stock worth $12,968,000 after acquiring an additional 25,659 shares in the last quarter. Finally, Spirepoint Private Client LLC purchased a new stake in shares of Best Buy during the second quarter worth $1,042,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 3,715 shares of the stock in a transaction 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 transaction, the chief accounting officer owned 22,150 shares of the company's stock, valued at $1,640,650.50. This represents a 14.36% decrease in their ownership of the stock. 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 stock in a transaction on Wednesday, September 3rd. The shares were 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 three months, insiders sold 201,833 shares of company stock worth $14,941,472. 0.47% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BBY shares. Piper Sandler restated a "neutral" rating and set a $75.00 target price (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Evercore ISI increased their target price on Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research report on Friday, August 29th. Argus restated a "hold" rating on shares of Best Buy in a research report on Tuesday, September 16th. Bank of America dropped their target price on Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research report on Friday, August 29th. Finally, Wedbush increased their target price on Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research report 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. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $81.50.

Best Buy Trading Up 2.3%

Shares of BBY stock opened at $77.33 on Thursday. 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 52-week low of $54.99 and a 52-week high of $101.42. The company has a market capitalization of $16.25 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 1.99 and a beta of 1.23. The business's fifty day moving average is $72.43 and its 200 day moving average is $70.06.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. The business 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%.The firm's revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

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 paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend 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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