Alliancebernstein L.P. Sells 3,002 Shares of Best Buy Co., Inc. $BBY

Alliancebernstein L.P. lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 237,482 shares of the technology retailer’s stock after selling 3,002 shares during the period. Alliancebernstein L.P. owned 0.11% of Best Buy worth $17,481,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BBY. Pacer Advisors Inc. lifted its holdings in shares of Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock valued at $75,353,000 after acquiring an additional 998,021 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Best Buy by 36.5% in the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer’s stock valued at $181,357,000 after acquiring an additional 671,408 shares during the last quarter. Nuveen LLC bought a new position in shares of Best Buy in the 1st quarter valued at about $39,579,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 6.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock valued at $512,986,000 after acquiring an additional 408,605 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Best Buy in the 4th quarter valued at about $29,090,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 0.5%

NYSE:BBY opened at $76.66 on Thursday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.48. The firm has a fifty day simple moving average of $70.98 and a 200-day simple moving average of $70.68. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $16.11 billion, a P/E ratio of 21.18, a PEG ratio of 2.03 and a beta of 1.19.

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

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Thursday, September 18th. Best Buy’s payout ratio is presently 104.97%.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 196,100 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the firm’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the transaction, the chief accounting officer directly owned 20,132 shares of the company’s stock, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 201,833 shares of company stock valued at $14,941,472 over the last quarter. Insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of a number of analyst reports. UBS Group lowered their price target on shares of Best Buy from $95.00 to $90.00 and set a “buy” rating for the company in a report on Friday, May 30th. Barclays reissued an “equal weight” rating and issued a $74.00 price objective on shares of Best Buy in a research report on Friday, August 29th. BNP Paribas raised shares of Best Buy to a “hold” rating in a research report on Friday, May 30th. Loop Capital reduced their target price on shares of Best Buy from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. Finally, Wedbush raised their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $82.59.

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.