Independence Bank of Kentucky Sells 250 Shares of Best Buy Co., Inc. $BBY

Independence Bank of Kentucky cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,675 shares of the technology retailer’s stock after selling 250 shares during the period. Independence Bank of Kentucky’s holdings in Best Buy were worth $180,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Pinnacle Bancorp Inc. raised its holdings in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock worth $25,000 after buying an additional 178 shares in the last quarter. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Best Buy during the 2nd quarter worth $26,000. Grove Bank & Trust raised its holdings in shares of Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock worth $32,000 after buying an additional 173 shares in the last quarter. Maseco LLP acquired a new position in shares of Best Buy during the 2nd quarter worth $39,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in Best Buy by 25.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer’s stock worth $53,000 after purchasing an additional 147 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.7%

Best Buy stock opened at $75.58 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.48. The stock has a market cap of $15.88 billion, a PE ratio of 20.88, a price-to-earnings-growth ratio of 2.00 and a beta of 1.19. The firm’s 50-day simple moving average is $72.11 and its 200 day simple moving average is $69.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share 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 for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the previous year, the company earned $1.34 earnings per share. The firm’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. Research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. Citigroup reaffirmed a “buy” rating on shares of Best Buy in a research note on Thursday, August 28th. Argus reaffirmed a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $88.00 to $89.00 and gave the stock an “overweight” rating in a research note on Friday, August 29th. Finally, Evercore ISI lifted their price target on shares of Best Buy from $75.00 to $77.00 and gave the stock an “in-line” rating in a report on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Best Buy has a consensus rating of “Hold” and an average target price of $81.50.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,715 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares in the company, valued at $1,640,650.50. The trade was a 14.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 201,833 shares of company stock worth $14,941,472. Corporate insiders own 0.59% of the company’s stock.

About Best Buy

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.