Shell Asset Management Co. Acquires 10,000 Shares of Best Buy Co., Inc. $BBY

Key Points

• Shell Asset Management Co. increased its holdings in Best Buy Co., Inc. by 21.9%, acquiring an additional 10,000 shares, bringing its total ownership to 55,679 shares valued at $3,738,000.
• Several other institutional investors significantly modified their positions in Best Buy, with Pacer Advisors Inc. growing its stake by 3,890% and AQR Capital Management LLC increasing theirs by 36.5% during the last quarter.
• Best Buy recently announced a quarterly dividend of $0.95 per share, which translates to an annual yield of 5.1% against a payout ratio of 104.97%.

Shell Asset Management Co. increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 21.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,679 shares of the technology retailer's stock after purchasing an additional 10,000 shares during the quarter. Shell Asset Management Co.'s holdings in Best Buy were worth $3,738,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BBY. Pacer Advisors Inc. grew its stake in shares of Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after purchasing an additional 998,021 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Best Buy by 36.5% in the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock worth $181,357,000 after purchasing an additional 671,408 shares during the last quarter. Nuveen LLC bought a new stake in Best Buy during the first quarter valued at $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 acquiring 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 acquiring an additional 252,544 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on BBY shares. Citigroup reaffirmed a "buy" rating on shares of Best Buy in a research report on Thursday, August 28th. Weiss Ratings restated a "hold (c)" rating on shares of Best Buy in a report on Saturday, September 27th. Bank of America lowered their target price on shares of Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a report on Friday, August 29th. Piper Sandler restated a "neutral" rating and issued a $75.00 target price (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Finally, Wedbush increased their price objective on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Hold" and an average price target of $81.50.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 196,100 shares of the firm'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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,715 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the completion of the transaction, the chief accounting officer directly owned 22,150 shares of the company's stock, valued at approximately $1,640,650.50. This trade represents a 14.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 201,833 shares of company stock valued at $14,941,472. 0.59% of the stock is owned by insiders.

Best Buy Trading Down 0.6%

Shares of BBY stock opened at $75.18 on Wednesday. The company has a 50 day moving average of $73.14 and a 200-day moving average of $70.10. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $99.80. The firm has a market cap of $15.79 billion, a P/E ratio of 20.77, a PEG ratio of 1.99 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. The company had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. Best Buy's quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

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

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