Praxis Investment Management Inc. Increases Stock Position in Best Buy Co., Inc. $BBY

Praxis Investment Management Inc. raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 45.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,730 shares of the technology retailer’s stock after purchasing an additional 2,420 shares during the period. Praxis Investment Management Inc.’s holdings in Best Buy were worth $519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock valued at $512,986,000 after buying an additional 408,605 shares during the period. Invesco Ltd. increased its holdings in shares of Best Buy by 6.4% during the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock valued at $289,051,000 after acquiring an additional 234,669 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Best Buy by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer’s stock valued at $240,173,000 after acquiring an additional 105,710 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Best Buy by 36.5% during the first 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 in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Best Buy by 3.3% during the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer’s stock valued at $122,577,000 after acquiring an additional 52,550 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BBY. Telsey Advisory Group restated an “outperform” rating and set a $90.00 price target on shares of Best Buy in a report on Friday, August 29th. JPMorgan Chase & Co. raised their price target on Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Jefferies Financial Group raised their price target on Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Barclays restated an “equal weight” rating and set a $74.00 price target on shares of Best Buy in a report on Friday, August 29th. Finally, Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Saturday. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus target price of $81.69.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total transaction of $14,511,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 value of $154,901.68. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 201,833 shares of company stock valued at $14,941,472. Corporate insiders own 0.47% of the company’s stock.

Best Buy Price Performance

NYSE BBY opened at $79.71 on Friday. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $96.77. The stock has a 50-day moving average of $74.78 and a 200 day moving average of $70.23. The company has a market capitalization of $16.75 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 2.10 and a beta of 1.23. 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 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. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the company earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Thursday, September 18th. Best Buy’s payout ratio is currently 104.97%.

Best Buy 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.