The Manufacturers Life Insurance Company Takes $14.59 Million Position in Best Buy Co., Inc. $BBY

The Manufacturers Life Insurance Company purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 192,209 shares of the technology retailer’s stock, valued at approximately $14,585,000. The Manufacturers Life Insurance Company owned 0.09% of Best Buy as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Best Buy during the 2nd quarter valued at about $1,932,812,000. Vanguard Group Inc. grew its stake in shares of Best Buy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after buying an additional 307,905 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Best Buy by 30.9% in the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after acquiring an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position 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 valued at $498,805,000 after purchasing an additional 160,713 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Best Buy by 6.1% during the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after acquiring an additional 271,988 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction on 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 directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 500,000 shares of company stock worth $39,065,226 over the last ninety days. 0.50% of the stock is currently owned by insiders.

Best Buy Trading Down 1.5%

Shares of BBY stock opened at $82.34 on Friday. The company has a market cap of $17.35 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 2.36 and a beta of 1.29. The stock’s 50 day simple moving average is $83.16 and its two-hundred day simple moving average is $71.34. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.40.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same period in the previous year, the firm earned $1.28 earnings per share. Best Buy’s quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.7 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be issued a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.7%. Best Buy’s payout ratio is presently 71.11%.

Best Buy News Roundup

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

• Positive Sentiment: Quarterly results exceeded expectations. Best Buy reported Q2 FY27 revenue of $9.78 billion, up 3.6% year over year and above the $9.59 billion consensus estimate. Adjusted earnings of $1.47 per share also topped the $1.39 consensus, while comparable sales rose 4.1%. Best Buy Reports Second Quarter Results
• Positive Sentiment: Best Buy raised its full-year outlook. The company now expects adjusted fiscal 2027 earnings of $6.70 to $6.90 per share, up from $6.30 to $6.60 previously, and revenue of $42.3 billion to $42.8 billion. The improved forecast reflects strength in computing and steady demand for technology upgrades and replacements. Best Buy raises annual sales forecast on steady electronics demand
• Positive Sentiment: Analyst sentiment improved. Guggenheim and DA Davidson each raised their BBY price target from $90 to $95 and assigned a “buy” rating, implying roughly 15% upside from the referenced price.
• Positive Sentiment: Shareholder returns remain attractive. Best Buy declared a quarterly dividend of $0.96 per share, equivalent to an annualized yield of approximately 4.7% at the referenced price.
• Neutral Sentiment: Growth initiatives could support the longer-term retail recovery. Best Buy is expanding its omnichannel strategy, including the Ask Blue conversational AI assistant and smaller-format stores, while digital-led sales growth was highlighted during the earnings call. Best Buy Expands Omnichannel Footprint With OpenAI Integration and Smaller-Format Stores
• Negative Sentiment: The negative market reaction likely reflects high expectations and lingering risks. Although results beat estimates, the outlook increase was relatively modest versus consensus, international revenue declined, and investors remain cautious about discretionary spending. Analysts are also described as conflicted on BBY, suggesting uncertainty about how durable the recovery will be. Analysts Conflicted on These Consumer Cyclical Names

Wall Street Analyst Weigh In

Several research firms recently commented on BBY. Barclays lifted their price objective on Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a report on Friday. Weiss Ratings upgraded Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Guggenheim increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial set a $100.00 price target on Best Buy in a report on Thursday. Finally, Morgan Stanley lifted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average target price of $85.40.

About Best Buy

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.