Rehmann Capital Advisory Group Sells 3,265 Shares of Best Buy Co., Inc. $BBY

Key Points

• Rehmann Capital Advisory Group has reduced its stake in Best Buy Co., Inc. (BBY) by 45.5%, selling 3,265 shares during the second quarter, leaving them with 3,910 shares valued at $262,000.
• Several analysts have recently increased their price targets for Best Buy, with a consensus average target price set at $81.69 and a "Hold" rating overall.
• Best Buy has declared a quarterly dividend of $0.95 per share, translating to an annualized dividend yield of 4.6%, despite a payout ratio exceeding 100%.

Rehmann Capital Advisory Group cut its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 45.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,910 shares of the technology retailer's stock after selling 3,265 shares during the quarter. Rehmann Capital Advisory Group's holdings in Best Buy were worth $262,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BBY. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Best Buy in the second quarter valued at $26,000. Maseco LLP purchased a new position in shares of Best Buy in the second quarter valued at $39,000. Bogart Wealth LLC grew its position in shares of Best Buy by 202.0% in the second quarter. Bogart Wealth LLC now owns 604 shares of the technology retailer's stock valued at $41,000 after purchasing an additional 404 shares in the last quarter. Sentry Investment Management LLC purchased a new position in shares of Best Buy in the second quarter valued at $44,000. Finally, Wealth Preservation Advisors LLC purchased a new position in shares of Best Buy in the first quarter valued at $53,000. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BBY shares. Wedbush lifted 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. Wells Fargo & Company lifted their price target on Best Buy from $67.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Wall Street Zen cut Best Buy from a "buy" rating to a "hold" rating in a research report on Saturday, October 18th. Telsey Advisory Group reissued an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, August 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $81.69.

Best Buy Price Performance

NYSE:BBY opened at $83.07 on Friday. 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 stock has a fifty day moving average of $75.88 and a 200 day moving average of $70.92. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $95.49. The firm has a market capitalization of $17.45 billion, a price-to-earnings ratio of 22.95, a P/E/G ratio of 2.17 and a beta of 1.23.

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 the consensus estimate 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 quarter in the previous year, the company posted $1.34 earnings per share. The company's 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. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were paid a dividend of $0.95 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 annualized dividend and a yield of 4.6%. Best Buy's payout ratio is 104.97%.

Insider Activity

In other Best Buy news, CAO Mathew Watson sold 2,018 shares of Best Buy stock in a transaction dated 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 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 document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 325,836 shares of Best Buy stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $82.35, for a total value of $26,832,594.60. Following the sale, the chairman directly owned 12,161,068 shares of the company's stock, valued at approximately $1,001,463,949.80. This trade represents a 2.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,027,669 shares of company stock valued at $82,189,066. Corporate insiders own 0.47% of the company's stock.

About Best Buy

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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