Procyon Advisors LLC Boosts Stake in Best Buy Co., Inc. $BBY

Key Points

• Procyon Advisors LLC increased its stake in Best Buy Co., Inc. by 151.0%, acquiring an additional 8,460 shares, raising its total holdings to 14,064 shares valued at approximately $944,000.
• Best Buy recently announced a quarterly dividend of $0.95 per share, with an annualized yield of 5.1%, marking a dividend payout ratio of 104.97%.
• The company reported earnings of $1.28 per share for the last quarter, beating analysts' expectations, and a revenue of $9.44 billion, reflecting a year-over-year increase of 1.6%.

Procyon Advisors LLC increased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 151.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,064 shares of the technology retailer's stock after purchasing an additional 8,460 shares during the quarter. Procyon Advisors LLC's holdings in Best Buy were worth $944,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after acquiring an additional 13,378 shares in the last quarter. GAMMA Investing LLC grew its holdings in Best Buy by 5,519.3% in the 1st quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock valued at $12,744,000 after buying an additional 170,050 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Best Buy by 10.2% during the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after purchasing an additional 46,645 shares in the last quarter. Blackhawk Capital Partners LLC. acquired a new stake in shares of Best Buy during the 1st quarter worth $1,574,000. Finally, Alberta Investment Management Corp lifted its position in shares of Best Buy by 25.6% during the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after buying an additional 6,700 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,018 shares of the business's stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 196,100 shares of the business's stock in a transaction that occurred 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 three months, insiders have sold 201,833 shares of company stock worth $14,941,472. Insiders own 0.47% of the company's stock.

Analyst Ratings Changes

BBY has been the subject of several research reports. Piper Sandler reiterated a "neutral" rating and issued a $75.00 target price (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Barclays reaffirmed an "equal weight" rating and set a $74.00 target price on shares of Best Buy in a research note on Friday, August 29th. Wedbush raised their price objective on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, August 29th. Evercore ISI raised their target price on Best Buy from $75.00 to $77.00 and gave the company an "in-line" rating in a report on Friday, August 29th. Finally, Argus reiterated a "hold" rating on shares of Best Buy in a report on Tuesday, September 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $82.59.

Best Buy Stock Performance

Shares of BBY stock traded down $1.50 on Friday, reaching $72.23. The stock had a trading volume of 5,600,546 shares, compared to its average volume of 3,732,321. The stock has a market cap of $15.18 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 1.90 and a beta of 1.19. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The company has a 50 day simple moving average of $71.36 and a 200 day simple moving average of $70.04. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.Best Buy's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm 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 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 5.3%. Best Buy's dividend payout ratio (DPR) is currently 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.