Hsbc Holdings PLC Reduces Stake in Best Buy Co., Inc. $BBY

Hsbc Holdings PLC reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 47.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,050,151 shares of the technology retailer’s stock after selling 930,153 shares during the period. Hsbc Holdings PLC’s holdings in Best Buy were worth $79,627,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Best Buy during the 2nd quarter worth approximately $1,932,812,000. AQR Capital Management LLC increased its stake in shares of Best Buy by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after purchasing an additional 2,160,968 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after buying an additional 160,713 shares in the last quarter. Invesco Ltd. raised its stake in Best Buy by 6.1% in the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after purchasing an additional 271,988 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Best Buy by 19.1% in the fourth quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock valued at $252,881,000 after buying an additional 605,911 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 500,000 shares of company stock valued at $39,065,226. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BBY. Piper Sandler increased their price target on Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, August 20th. Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a report on Monday, July 13th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. BNP Paribas Exane raised their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Finally, Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus target price of $85.40.

Best Buy Price Performance

Shares of BBY opened at $90.35 on Monday. The stock has a market cap of $19.04 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 2.25 and a beta of 1.28. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.26. The firm has a fifty day moving average price of $84.03 and a 200 day moving average price of $72.04.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The firm had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be paid 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 4.3%. Best Buy’s dividend payout ratio is 63.89%.

Best Buy Company Profile

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.