Geode Capital Management LLC Sells 47,038 Shares of Best Buy Co., Inc. $BBY

Geode Capital Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 5,044,788 shares of the technology retailer’s stock after selling 47,038 shares during the period. Geode Capital Management LLC’s holdings in Best Buy were worth $337,441,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BBY. Community Bank & Trust Waco Texas boosted its holdings in shares of Best Buy by 0.5% in the 1st quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer’s stock worth $2,280,000 after purchasing an additional 145 shares during the period. HB Wealth Management LLC lifted its position in Best Buy by 2.4% in the first quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer’s stock worth $467,000 after buying an additional 149 shares during the last quarter. Townsquare Capital LLC lifted its position in Best Buy by 2.5% in the first quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer’s stock worth $454,000 after buying an additional 153 shares during the last quarter. Capital Investment Advisors LLC boosted its stake in Best Buy by 0.8% during the second quarter. Capital Investment Advisors LLC now owns 19,033 shares of the technology retailer’s stock worth $1,278,000 after buying an additional 154 shares during the period. Finally, Horizon Investments LLC increased its position in Best Buy by 6.2% during the first quarter. Horizon Investments LLC now owns 2,862 shares of the technology retailer’s stock valued at $211,000 after acquiring an additional 168 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 74,553 shares of the stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $84.31, for a total transaction of $6,285,563.43. Following the transaction, the chairman directly owned 11,451,911 shares in the company, valued at $965,510,616.41. This represents a 0.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the business’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares of the company’s stock, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,736,826 shares of company stock valued at $141,568,327. 0.47% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BBY shares. Bank of America lowered their target price on shares of Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a report on Friday, August 29th. JPMorgan Chase & Co. boosted their target price on Best Buy from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday. Telsey Advisory Group reiterated an “outperform” rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, August 29th. Argus reissued a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Finally, Truist Financial boosted their price objective on Best Buy from $72.00 to $79.00 and gave the company a “hold” rating in a report on Friday, November 7th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $83.88.

Best Buy Stock Performance

Best Buy stock opened at $75.67 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The company has a market capitalization of $15.90 billion, a PE ratio of 20.90, a P/E/G ratio of 2.21 and a beta of 1.25. The company has a 50 day moving average price of $77.66 and a 200-day moving average price of $72.85. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $95.49.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.Best Buy’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Thursday, September 18th. Best Buy’s payout ratio is presently 104.97%.

Best Buy Company Profile

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.