Vident Advisory LLC Purchases 12,062 Shares of Best Buy Co., Inc. $BBY

Key Points

• Vident Advisory LLC increased its holdings in Best Buy by 23.3% during the first quarter, acquiring 12,062 shares, bringing its total to 63,938 shares valued at approximately $4.7 million.
• Chairman Richard M. Schulze sold 729,201 shares of Best Buy's stock for over $53 million, reducing his ownership by 78.81% while still retaining a significant stake valued at $14.3 million.
• Analysts have mixed views on Best Buy, with price targets raised by Wells Fargo to $75.00 and Telsey Advisory Group to $90.00, while others have lowered their targets, resulting in a consensus rating of "Hold" and an average price target of $84.44.

Vident Advisory LLC increased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 23.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,938 shares of the technology retailer's stock after purchasing an additional 12,062 shares during the period. Vident Advisory LLC's holdings in Best Buy were worth $4,707,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BBY. 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 stake in Best Buy during the fourth quarter worth about $31,000. Ancora Advisors LLC boosted its stake in Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares in the last quarter. Grove Bank & Trust grew its holdings in Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares during the period. Finally, LRI Investments LLC increased 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 valued at $45,000 after purchasing an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on BBY. Telsey Advisory Group reissued an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a research report on Friday. Bank of America dropped their target price on Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a report on Friday. Piper Sandler reissued a "neutral" rating and issued a $75.00 target price (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Citigroup reaffirmed a "buy" rating on shares of Best Buy in a research report on Thursday, August 28th. Finally, Guggenheim reiterated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday. Ten analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and an average price target of $84.44.

Best Buy Stock Performance

NYSE:BBY traded up $0.75 during trading hours on Tuesday, reaching $74.39. The company had a trading volume of 4,837,632 shares, compared to its average volume of 3,465,060. The firm has a market cap of $15.72 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.95 and a beta of 1.19. The company has a current ratio of 1.04, a quick ratio of 0.32 and a debt-to-equity ratio of 0.43. The firm's 50 day moving average price is $70.08 and its 200-day moving average price is $71.13. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. The business 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%.The business's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced 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. This represents a $3.80 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares of the company's stock, valued at approximately $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.59% 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.