Tobam Trims Holdings in Best Buy Co., Inc. $BBY

Tobam reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 94.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 988 shares of the technology retailer’s stock after selling 17,877 shares during the quarter. Tobam’s holdings in Best Buy were worth $66,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. New York State Common Retirement Fund raised its holdings in Best Buy by 2.0% during the first quarter. New York State Common Retirement Fund now owns 127,727 shares of the technology retailer’s stock valued at $9,402,000 after acquiring an additional 2,500 shares during the period. Wealthfront Advisers LLC grew its position in shares of Best Buy by 37.0% during the first quarter. Wealthfront Advisers LLC now owns 113,142 shares of the technology retailer’s stock worth $8,328,000 after purchasing an additional 30,543 shares in the last quarter. Larson Financial Group LLC boosted its stake in Best Buy by 14.4% in the 1st quarter. Larson Financial Group LLC now owns 6,933 shares of the technology retailer’s stock worth $510,000 after purchasing an additional 875 shares during the period. Cullen Frost Bankers Inc. grew its holdings in Best Buy by 4.0% during the 1st quarter. Cullen Frost Bankers Inc. now owns 11,635 shares of the technology retailer’s stock valued at $856,000 after buying an additional 449 shares in the last quarter. Finally, Bailard Inc. raised its position in shares of Best Buy by 0.7% during the first quarter. Bailard Inc. now owns 21,965 shares of the technology retailer’s stock valued at $1,617,000 after buying an additional 157 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BBY. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th. Telsey Advisory Group restated an “outperform” rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Evercore ISI boosted their target price on Best Buy from $80.00 to $85.00 in a research report on Tuesday, November 4th. JPMorgan Chase & Co. increased their price target on Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a research note on Friday, August 29th. Finally, Bank of America reduced their price objective on Best Buy from $63.00 to $60.00 and set an “underperform” rating on the stock in a research note on Friday, August 29th. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of “Hold” and a consensus target price of $83.38.

Best Buy Price Performance

Best Buy stock opened at $77.72 on Thursday. The firm has a market capitalization of $16.33 billion, a PE ratio of 21.47, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $95.49. The firm has a 50-day moving average price of $77.69 and a 200-day moving average price of $72.73. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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. The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Investors 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 4.9%. The ex-dividend date of this dividend was Thursday, September 18th. Best Buy’s dividend payout ratio (DPR) is currently 104.97%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 500,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the transaction, the chairman owned 12,486,904 shares of the company’s stock, valued at $1,009,316,450.32. This represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,715 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the sale, the chief accounting officer owned 22,150 shares in the company, valued at approximately $1,640,650.50. The trade was a 14.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,736,826 shares of company stock valued at $141,568,327. 0.47% of the stock is owned by company insiders.

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.