Northern Trust Corp Sells 367,932 Shares of Best Buy Co., Inc. $BBY

Key Points

• Northern Trust Corp reduced its stake in Best Buy by 12.5% during the first quarter, selling 367,932 shares and ending with approximately 2.57 million shares worth $189.5 million.
• Best Buy's quarterly earnings report revealed $1.15 earnings per share, surpassing analyst expectations, while revenue remained flat year-over-year at $8.77 billion.
• The company recently declared a quarterly dividend of $0.95, reflecting a 5.2% annual yield, with a dividend payout ratio of 92.91%.

Northern Trust Corp cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,574,900 shares of the technology retailer's stock after selling 367,932 shares during the period. Northern Trust Corp owned 1.22% of Best Buy worth $189,538,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. LRI Investments LLC boosted its holdings in Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after buying an additional 141 shares during the period. Prosperity Consulting Group LLC boosted its holdings in Best Buy by 6.4% in the 4th quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock worth $206,000 after buying an additional 145 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in Best Buy by 25.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock worth $53,000 after buying an additional 147 shares during the period. HB Wealth Management LLC boosted its holdings in Best Buy by 2.4% in the 1st quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer's stock worth $467,000 after buying an additional 149 shares during the period. Finally, Townsquare Capital LLC boosted its holdings in Best Buy by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer's stock worth $454,000 after buying an additional 153 shares during the period. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman owned 196,100 shares of the company's stock, valued at approximately $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.59% of the company's stock.

Best Buy Trading Down 1.4%

Shares of NYSE BBY traded down $1.09 during trading hours on Monday, hitting $74.30. The company's stock had a trading volume of 3,484,894 shares, compared to its average volume of 3,619,152. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The stock has a market cap of $15.70 billion, a price-to-earnings ratio of 18.17, a P/E/G ratio of 1.99 and a beta of 1.21. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The business has a 50-day simple moving average of $69.30 and a 200-day simple moving average of $71.70.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.1%. Best Buy's payout ratio is presently 92.91%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BBY shares. Loop Capital cut their price target 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. JPMorgan Chase & Co. cut their price target on shares of Best Buy from $95.00 to $88.00 and set an "overweight" rating for the company in a report on Friday. Piper Sandler reissued a "neutral" rating and issued a $75.00 price target (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Barclays cut their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Finally, BNP Paribas raised shares of Best Buy to a "hold" rating in a report on Friday, May 30th. Eight investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $84.50.

Best Buy Profile

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.