TD Asset Management Inc Increases Stock Holdings in Best Buy Co., Inc. $BBY

TD Asset Management Inc lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 13.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 167,236 shares of the technology retailer’s stock after purchasing an additional 20,397 shares during the quarter. TD Asset Management Inc’s holdings in Best Buy were worth $11,227,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of BBY. Charles Schwab Investment Management Inc. boosted its stake 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 worth $512,986,000 after buying an additional 408,605 shares during the period. Invesco Ltd. boosted its stake in Best Buy by 6.4% during the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock worth $289,051,000 after buying an additional 234,669 shares during the period. Dimensional Fund Advisors LP boosted its stake in 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 worth $240,173,000 after buying an additional 105,710 shares during the period. AQR Capital Management LLC boosted its stake in 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 worth $181,357,000 after buying an additional 671,408 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Best Buy by 3.3% during the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer’s stock worth $122,577,000 after buying an additional 52,550 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the completion of the transaction, the chief accounting officer owned 22,150 shares of the company’s stock, valued at $1,640,650.50. This represents a 14.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,833 shares of company stock valued at $14,941,472 in the last quarter. 0.47% of the stock is owned by insiders.

Best Buy Stock Up 1.5%

Shares of BBY opened at $79.71 on Friday. The stock has a market capitalization of $16.75 billion, a PE ratio of 22.02, a P/E/G ratio of 2.10 and a beta of 1.23. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $96.77. 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’s 50-day simple moving average is $74.78 and its 200-day simple moving average is $70.23.

Best Buy (NYSE:BBY) last issued its quarterly earnings results 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 business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on BBY shares. Wells Fargo & Company increased their target price on shares of Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, August 29th. Argus reaffirmed a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. 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 research note on Friday, August 29th. Truist Financial increased their target price on shares of Best Buy from $69.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, August 29th. Finally, Citigroup reissued a “buy” rating on shares of Best Buy in a research report on Thursday, August 28th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $81.69.

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.