OMERS ADMINISTRATION Corp Cuts Position in Best Buy Co., Inc. $BBY

Key Points

• OMERS ADMINISTRATION Corp has reduced its stake in Best Buy Co., Inc. by 56.8%, selling 10,700 shares and now owning a total of 8,152 shares, valued at approximately $600,000.
• Best Buy's chairman, Richard M. Schulze, sold 729,201 shares, marking a 78.81% decrease in his holdings, worth over $53 million, leaving him with 196,100 shares valued at $14.3 million.
• Analysts have recently adjusted price targets for Best Buy, with ratings ranging from "hold" to "outperform," reflecting a consensus price target of approximately $82.59 amid its fluctuating market performance.

OMERS ADMINISTRATION Corp cut its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 56.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,152 shares of the technology retailer's stock after selling 10,700 shares during the period. OMERS ADMINISTRATION Corp's holdings in Best Buy were worth $600,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. boosted its stake in Best Buy by 108.5% during 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 during the last quarter. Vermillion Wealth Management Inc. bought a new position in Best Buy during the fourth quarter valued at approximately $31,000. Ancora Advisors LLC boosted its stake in Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after buying an additional 374 shares during the last quarter. Grove Bank & Trust boosted its stake in Best Buy by 67.1% during 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 during the last quarter. Finally, LRI Investments LLC boosted its stake in Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after buying an additional 141 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, CAO Mathew Watson sold 2,018 shares of Best Buy stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer directly owned 20,132 shares of the company's stock, valued at $1,545,332.32. The trade was a 9.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of Best Buy 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. Over the last ninety days, insiders have sold 931,034 shares of company stock valued at $68,136,685. 0.47% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on BBY shares. JPMorgan Chase & Co. increased their price target on Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Wells Fargo & Company lifted their target price on Best Buy from $67.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Telsey Advisory Group reiterated an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Loop Capital dropped their target price on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. Finally, Bank of America dropped their target price on Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Best Buy currently has an average rating of "Hold" and an average target price of $82.59.

Best Buy Trading Down 1.2%

Shares of BBY stock traded down $0.89 on Friday, reaching $76.16. 2,870,767 shares of the company's stock were exchanged, compared to its average volume of 3,731,741. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.48. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $16.10 billion, a PE ratio of 21.04, a P/E/G ratio of 2.03 and a beta of 1.19. The company's fifty day simple moving average is $70.54 and its 200 day simple moving average is $70.95.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly 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 return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the company earned $1.34 EPS. Best Buy's quarterly 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, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.0%. Best Buy's payout ratio is 104.97%.

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.