QRG Capital Management Inc. Sells 14,953 Shares of Best Buy Co., Inc. $BBY

Key Points

• QRG Capital Management Inc. reduced its stake in Best Buy by 39.6%, selling 14,953 shares, leaving them with 22,786 shares valued at approximately $1.53 million.
• Insider sales included Chairman Richard M. Schulze, who sold 196,100 shares for over $14.5 million, while insiders collectively sold 201,833 shares worth nearly $15 million in the past 90 days.
• Best Buy recently declared a quarterly dividend of $0.95 per share, translating to an annualized yield of 5.1% and a high dividend payout ratio of 104.97%.

QRG Capital Management Inc. cut its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 39.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,786 shares of the technology retailer's stock after selling 14,953 shares during the quarter. QRG Capital Management Inc.'s holdings in Best Buy were worth $1,530,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. boosted its position in Best Buy by 3,890.0% during the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after purchasing an additional 998,021 shares during the last quarter. AQR Capital Management LLC boosted its position in Best Buy by 36.5% during the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after purchasing an additional 671,408 shares during the last quarter. Nuveen LLC acquired a new position in Best Buy during the first quarter valued at approximately $39,579,000. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after purchasing an additional 408,605 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in Best Buy by 40.6% during the first quarter. Canada Pension Plan Investment Board now owns 874,538 shares of the technology retailer's stock valued at $64,375,000 after purchasing an additional 252,544 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total transaction of $14,511,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 3,715 shares of the firm's 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 in the company, valued at approximately $1,640,650.50. This trade represents a 14.36% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,833 shares of company stock worth $14,941,472. Corporate insiders own 0.59% of the company's stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $75.18 on Wednesday. The firm has a market cap of $15.79 billion, a P/E ratio of 20.77, a price-to-earnings-growth ratio of 1.99 and a beta of 1.23. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $99.80. The business's 50 day moving average is $73.14 and its 200-day moving average is $70.10.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is 104.97%.

Analyst Ratings Changes

Several brokerages recently commented on BBY. Citigroup reissued a "buy" rating on shares of Best Buy in a research report on Thursday, August 28th. Weiss Ratings reissued a "hold (c)" rating on shares of Best Buy in a research report on Saturday, September 27th. Wedbush increased their price target on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, August 29th. Barclays reaffirmed an "equal weight" rating and issued a $74.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $81.50.

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.

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