Legal & General Group Plc Purchases Shares of 1,099,463 Best Buy Co., Inc. $BBY

Legal & General Group Plc acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,099,463 shares of the technology retailer’s stock, valued at approximately $83,427,000.

Other large investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company bought a new stake in shares of Best Buy during the second quarter worth about $14,585,000. Fiduciary Financial Advisors bought a new position in Best Buy in the 2nd quarter valued at about $59,000. Manning & Napier Advisors LLC bought a new position in Best Buy in the 2nd quarter valued at about $706,000. L2 Asset Management LLC acquired a new position in Best Buy during the 2nd quarter valued at about $7,748,000. Finally, Aberdeen Wealth Management LLC bought a new stake in Best Buy during the 2nd quarter worth approximately $38,000. 80.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 224,705 shares of the firm’s 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 completion of the sale, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 500,000 shares of company stock worth $39,065,226 in the last three months. 0.50% of the stock is currently owned by corporate insiders.

Key Stories Impacting Best Buy

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

• Positive Sentiment: Quarterly results exceeded expectations: Adjusted EPS was $1.47 versus the $1.39 consensus estimate, while revenue rose 3.6% year over year to $9.78 billion, ahead of the $9.59 billion forecast. Best Buy Reports Second Quarter Results
• Positive Sentiment: Comparable sales showed momentum: Enterprise comparable sales increased 4.1%, above guidance, led by a 4.5% gain in the domestic business. Strength in computing and demand for AI-related products, including AI glasses, supported the improvement. Best Buy tops quarterly estimates, raises outlook as computing shows strength
• Positive Sentiment: Best Buy raised its fiscal 2027 outlook: Adjusted EPS guidance increased to $6.70-$6.90 from $6.30-$6.60, and revenue guidance was lifted to $42.3-$42.8 billion, above the roughly $42.1 billion analyst consensus. Best Buy raises annual sales forecast on steady electronics demand
• Positive Sentiment: Omnichannel initiatives could support longer-term growth: The retailer is rolling out its “Ask Blue” conversational AI assistant, expanding smaller-format stores and broadening online and in-store customer engagement. Best Buy Expands Omnichannel Footprint With OpenAI Integration and Smaller-Format Stores
• Neutral Sentiment: Management cited resilient technology-upgrade and replacement demand despite cautious consumer spending. The company is also preparing for incoming CEO Jason Bonfig, creating a potential transition factor for investors. Best Buy Raises Outlook as Sales Grow
• Negative Sentiment: Shares fell despite the earnings beat: The market reaction suggests investors may have expected an even stronger outlook or were locking in gains following BBY’s substantial run toward its 52-week high. Concerns about cautious consumers and the sustainability of discretionary electronics demand remain overhangs. Why Best Buy Stock Fell Despite Strong Q2 Earnings Beat

Analyst Upgrades and Downgrades

Several analysts have recently commented on BBY shares. Weiss Ratings raised Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Morgan Stanley upped their price target on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Truist Financial set a $100.00 price target on Best Buy in a research report on Thursday. Piper Sandler raised their price objective on Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Finally, Wells Fargo & Company lifted their price objective 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. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average price target of $83.35.

Best Buy Stock Performance

Shares of Best Buy stock opened at $83.77 on Friday. The business’s fifty day simple moving average is $83.01 and its 200 day simple moving average is $71.26. The firm has a market capitalization of $17.66 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 2.50 and a beta of 1.29. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.6 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy’s payout ratio is 71.11%.

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.