Quantbot Technologies LP Trims Holdings in Best Buy Co., Inc. $BBY

Key Points

• Quantbot Technologies LP reduced its holdings in Best Buy Co., Inc. by 11.7% in Q1, now owning 45,071 shares worth approximately $3.32 million after selling nearly 6,000 shares.
• Best Buy's Chairman, Richard M. Schulze, sold a significant portion of his shares, totaling 729,201 shares for over $53 million, leading to a 78.81% decrease in his position.
• Analysts have set new price targets for Best Buy, with Piper Sandler and Barclays lowering theirs, while Guggenheim maintains a "buy" rating with a price target of $90.

Quantbot Technologies LP cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 11.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,071 shares of the technology retailer's stock after selling 5,986 shares during the quarter. Quantbot Technologies LP's holdings in Best Buy were worth $3,318,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Bancorp Inc. grew its position in shares of Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after buying an additional 178 shares during the period. Vermillion Wealth Management Inc. bought a new position in Best Buy in the 4th quarter worth about $31,000. Ancora Advisors LLC boosted its stake in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares in the last quarter. Grove Bank & Trust boosted its stake in Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Finally, LRI Investments LLC boosted its stake 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 purchasing an additional 141 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.59% of the stock is owned by company insiders.

Best Buy Stock Up 3.2%

Shares of Best Buy stock opened at $74.1060 on Wednesday. The company has a market cap of $15.66 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 1.90 and a beta of 1.21. The company's 50 day moving average is $69.19 and its 200 day moving average is $72.04. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42.

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

Best Buy Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BBY shares. Piper Sandler reiterated a "neutral" rating and issued a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Barclays dropped their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Guggenheim reiterated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Tuesday, June 10th. Loop Capital dropped their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Eight equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $85.72.

Best Buy Company 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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