9,060 Best Buy Co., Inc. $BBY Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 20.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,717 shares of the technology retailer’s stock after selling 9,060 shares during the quarter. ProShare Advisors LLC’s holdings in Best Buy were worth $3,152,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Best Buy during the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp purchased a new position in shares of Best Buy during the second quarter valued at $174,893,000. KBC Group NV increased its position in Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after purchasing an additional 531,998 shares during the period. Deutsche Bank AG bought a new position in Best Buy in the second quarter worth approximately $116,003,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Best Buy by 113.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after purchasing an additional 770,339 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Trading Down 2.0%

BBY opened at $99.29 on Friday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $103.54. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The business’s 50 day moving average price is $91.25 and its 200 day moving average price is $75.93. The stock has a market capitalization of $20.82 billion, a PE ratio of 16.52, a P/E/G ratio of 2.53 and a beta of 1.20.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.9%. Best Buy’s payout ratio is currently 63.89%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BBY shares. Wedbush restated a “buy” rating on shares of Best Buy in a research note on Monday, August 24th. Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and cut their price objective for the stock from $89.00 to $85.00 in a research note on Wednesday, August 5th. Guggenheim lifted their price objective on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Piper Sandler upped their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. Finally, Telsey Advisory Group boosted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $86.15.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by company insiders.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.