Probity Advisors Inc. Invests $232,000 in Best Buy Co., Inc. $BBY

Probity Advisors Inc. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 3,452 shares of the technology retailer’s stock, valued at approximately $232,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BBY. Janney Montgomery Scott LLC grew its holdings in shares of Best Buy by 3.2% during the first quarter. Janney Montgomery Scott LLC now owns 17,211 shares of the technology retailer’s stock worth $1,267,000 after purchasing an additional 541 shares during the last quarter. Kentucky Retirement Systems grew its holdings in shares of Best Buy by 7.8% during the first quarter. Kentucky Retirement Systems now owns 14,541 shares of the technology retailer’s stock worth $1,070,000 after purchasing an additional 1,051 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Best Buy by 4.2% during the first quarter. Asset Management One Co. Ltd. now owns 81,835 shares of the technology retailer’s stock worth $6,024,000 after purchasing an additional 3,280 shares during the last quarter. Community Financial Services Group LLC grew its holdings in shares of Best Buy by 2.7% during the first quarter. Community Financial Services Group LLC now owns 14,924 shares of the technology retailer’s stock worth $1,099,000 after purchasing an additional 386 shares during the last quarter. Finally, Moran Wealth Management LLC grew its holdings in shares of Best Buy by 10.6% during the first quarter. Moran Wealth Management LLC now owns 89,218 shares of the technology retailer’s stock worth $6,567,000 after purchasing an additional 8,534 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Piper Sandler reiterated a “neutral” rating and issued a $75.00 target price (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Truist Financial upped their target price on Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a report on Friday, August 29th. Barclays reiterated an “equal weight” rating and issued a $74.00 target price on shares of Best Buy in a report on Friday, August 29th. Guggenheim restated a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Friday, August 29th. Finally, Wedbush increased their price target on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $81.69.

Best Buy Price Performance

Shares of NYSE:BBY opened at $82.70 on Wednesday. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $95.49. The stock’s 50 day moving average is $75.27 and its 200-day moving average is $70.51. The firm has a market capitalization of $17.38 billion, a price-to-earnings ratio of 22.85, a PEG ratio of 2.13 and a beta of 1.23.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the firm earned $1.34 earnings per share. Best Buy’s revenue for the quarter was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Thursday, September 18th. Best Buy’s dividend payout ratio is 104.97%.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 196,100 shares of the 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 3,715 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the sale, the chief accounting officer directly owned 22,150 shares in the company, valued at $1,640,650.50. This trade represents a 14.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 201,833 shares of company stock valued at $14,941,472 in the last 90 days. Corporate insiders own 0.59% of the company’s stock.

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.