USS Investment Management Ltd Sells 24,700 Shares of Best Buy Co., Inc. $BBY

Key Points

• USS Investment Management Ltd reduced its stake in Best Buy Co., Inc. by 58.4% in the first quarter, owning 17,613 shares after selling 24,700, resulting in a holding valued at $1.296 million.
• Best Buy announced a quarterly dividend of $0.95 per share with a 4.9% yield, set to be paid on October 9, 2023, and reported a dividend payout ratio of 104.97%.
• Analysts' ratings for Best Buy show a mix of sentiments, with nine buy ratings, nine holds, and one sell, alongside an average target price of $82.59.

USS Investment Management Ltd decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 58.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,613 shares of the technology retailer's stock after selling 24,700 shares during the period. USS Investment Management Ltd's holdings in Best Buy were worth $1,296,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. raised its position in shares of Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after purchasing an additional 178 shares during the period. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the fourth quarter worth about $31,000. Grove Bank & Trust grew its stake in shares of Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. LRI Investments LLC grew its stake in shares of Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after purchasing an additional 141 shares during the period. Finally, Tompkins Financial Corp bought a new stake in Best Buy during the 1st quarter worth approximately $48,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

BBY has been the topic of several research reports. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research note 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. UBS Group cut their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a report on Friday, May 30th. Wedbush raised their price target on Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, August 29th. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a report on Friday, May 30th. Nine investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $82.59.

Insiders Place Their Bets

In related 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,715 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares of the company's stock, valued at approximately $1,640,650.50. The trade was a 14.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 201,833 shares of company stock worth $14,941,472 in the last quarter. 0.47% of the stock is currently owned by company insiders.

Best Buy Price Performance

Shares of BBY traded up $1.83 during trading hours on Thursday, hitting $78.44. 2,720,633 shares of the stock were exchanged, compared to its average volume of 3,746,860. 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's 50-day moving average price is $70.98 and its two-hundred day moving average price is $70.68. The company has a market cap of $16.48 billion, a price-to-earnings ratio of 21.67, a price-to-earnings-growth ratio of 2.02 and a beta of 1.19. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.During the same period in the previous year, the company posted $1.34 EPS. Best Buy'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. Research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

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.