Northwest & Ethical Investments L.P. Sells 11,751 Shares of Best Buy Co., Inc. $BBY

Key Points

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Northwest & Ethical Investments L.P. cut its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 44.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,707 shares of the technology retailer's stock after selling 11,751 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Best Buy were worth $1,083,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BBY. Mariner LLC grew its holdings in shares of Best Buy by 0.3% during the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock worth $3,708,000 after buying an additional 129 shares in the last quarter. Jump Financial LLC boosted its position in Best Buy by 81.0% during the fourth quarter. Jump Financial LLC now owns 10,517 shares of the technology retailer's stock valued at $902,000 after purchasing an additional 4,706 shares during the last quarter. Freedom Investment Management Inc. boosted its position in Best Buy by 27.1% during the fourth quarter. Freedom Investment Management Inc. now owns 2,531 shares of the technology retailer's stock valued at $217,000 after purchasing an additional 540 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Best Buy by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,157,432 shares of the technology retailer's stock valued at $270,910,000 after purchasing an additional 146,267 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Best Buy during the fourth quarter valued at approximately $2,644,000. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the subject of several recent research reports. Piper Sandler reissued a "neutral" rating and set a $75.00 price target (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Tuesday, June 10th. Barclays reduced their price target on Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Wedbush reduced their price target on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Finally, UBS Group cut their price objective on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research 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 given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $85.72.

Best Buy Stock Performance

BBY traded up $0.1440 during trading on Thursday, hitting $72.4140. The stock had a trading volume of 2,805,625 shares, compared to its average volume of 3,001,494. The company has a 50 day moving average price of $69.18 and a 200-day moving average price of $71.96. The firm has a market cap of $15.30 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 1.91 and a beta of 1.21. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32.

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

Best Buy Dividend Announcement

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

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. The trade was a 78.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.47% of the stock is owned by company insiders.

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.