UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 11.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,301,505 shares of the technology retailer's stock after selling 304,370 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 1.09% of Best Buy worth $174,638,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. New Mexico Educational Retirement Board increased its stake in shares of Best Buy by 6.6% in the second quarter. New Mexico Educational Retirement Board now owns 9,671 shares of the technology retailer's stock valued at $734,000 after buying an additional 600 shares during the period. Manchester Financial Inc. acquired a new position in shares of Best Buy in the second quarter worth approximately $247,000. Mufg Securities Americas Inc. lifted its stake in shares of Best Buy by 9.5% in the second quarter. Mufg Securities Americas Inc. now owns 5,902 shares of the technology retailer's stock worth $448,000 after acquiring an additional 510 shares during the period. Wellington Management Group LLP boosted its holdings in Best Buy by 7.6% in the second quarter. Wellington Management Group LLP now owns 54,008 shares of the technology retailer's stock valued at $4,098,000 after acquiring an additional 3,810 shares during the last quarter. Finally, Beacon Pointe Advisors LLC acquired a new stake in Best Buy during the 2nd quarter valued at approximately $563,000. 80.96% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. The Goldman Sachs Group increased their price objective on shares of Best Buy from $62.00 to $71.00 and gave the stock a "sell" rating in a research report on Friday. BNP Paribas Exane lifted their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Barclays boosted their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a "buy" rating in a report on Friday. Finally, Evercore increased their price target on Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of "Hold" and an average price target of $85.40.
Read Our Latest Analysis on BBY
Best Buy Stock Performance
Shares of BBY stock opened at $82.55 on Wednesday. The company has a market cap of $17.40 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $83.39 and a 200-day moving average of $71.56.
Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.79 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 8th. Stockholders of record on Thursday, September 17th will be issued a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. Best Buy's dividend payout ratio is currently 63.89%.
Insider Buying and Selling at Best Buy
In other news, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company's stock, valued at $814,656,101.60. This represents a 2.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 500,000 shares of company stock worth $39,065,226 in the last quarter. 0.50% of the stock is currently owned by corporate insiders.
About Best Buy
(
Free Report)
Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.
Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.
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