Legal & General Group Plc Cuts Position in Best Buy Co., Inc. $BBY

Legal & General Group Plc trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 26.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,228,246 shares of the technology retailer’s stock after selling 432,778 shares during the period. Legal & General Group Plc’s holdings in Best Buy were worth $82,207,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Best Buy by 2.4% during the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after buying an additional 552,360 shares during the period. Concurrent Investment Advisors LLC boosted its position in Best Buy by 100.6% during the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after buying an additional 35,239 shares during the period. Bank of New York Mellon Corp boosted its position in Best Buy by 2.3% during the third quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after buying an additional 39,026 shares during the period. Allianz Asset Management GmbH boosted its position in Best Buy by 5.7% during the third quarter. Allianz Asset Management GmbH now owns 1,639,202 shares of the technology retailer’s stock valued at $123,956,000 after buying an additional 89,057 shares during the period. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in Best Buy during the fourth quarter valued at about $1,741,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $78.16 on Friday. The company has a market cap of $16.47 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22. The company has a 50-day moving average price of $62.29 and a 200-day moving average price of $66.88. The company has a current ratio of 1.12, a quick ratio of 0.43 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio is 76.19%.

Insider Activity

In other news, insider Todd G. Hartman sold 5,339 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $341,802.78. Following the completion of the transaction, the insider directly owned 44,098 shares of the company’s stock, valued at approximately $2,823,153.96. This represents a 10.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 8,049 shares of the firm’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares of the company’s stock, valued at $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by corporate insiders.

Best Buy News Roundup

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported Q1 adjusted EPS of $1.28, above estimates of $1.22, and revenue of $8.94 billion, also ahead of forecasts, with comparable sales rising 2.0%. Best Buy Q1 Earnings Beat Estimates, Comparable Sales Rise 2%
• Positive Sentiment: The company reaffirmed its full-year guidance and highlighted improving margins and stronger demand in gaming, computing, and cellphones, suggesting the turnaround is gaining traction. Best Buy Reports First Quarter Results
• Positive Sentiment: Several analyst firms raised price targets after the earnings release, including Jefferies, Loop Capital, Guggenheim, Morgan Stanley, Citigroup, and others, indicating improving sentiment around the stock. Analyst rating updates
• Positive Sentiment: Retail-industry news also pointed to selective consumer spending still favoring value-focused names like Best Buy, adding to the rally. Retail Rally Sends Kohl’s, Best Buy, Dollar Tree Up As Much As 18%
• Neutral Sentiment: DA Davidson reaffirmed its buy rating but set a $78 price target, which is roughly in line with the current share price and does not materially change the valuation debate. DA Davidson rating reaffirmation
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, reinforcing its income appeal for investors. Dividend announcement

Analyst Ratings Changes

Several analysts have issued reports on the stock. HSBC cut their price target on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Citigroup upped their price target on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday. Daiwa Securities Group cut their price target on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. Telsey Advisory Group set a $90.00 price target on shares of Best Buy and gave the company an “outperform” rating in a research report on Friday. Finally, Wedbush upped 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. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $78.60.

Best Buy 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.