Engineers Gate Manager LP Has $6.69 Million Holdings in Best Buy Co., Inc. $BBY

Engineers Gate Manager LP lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 82.1% during the 2nd quarter, Holdings Channel reports. The firm owned 88,178 shares of the technology retailer’s stock after selling 403,473 shares during the period. Engineers Gate Manager LP’s holdings in Best Buy were worth $6,691,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Best Buy during the second quarter worth approximately $1,932,812,000. California State Teachers Retirement System boosted its stake in Best Buy by 8,279.9% in the second quarter. California State Teachers Retirement System now owns 22,175,854 shares of the technology retailer’s stock valued at $1,682,704,000 after acquiring an additional 21,911,223 shares during the last quarter. AQR Capital Management LLC boosted its stake in Best Buy by 30.9% in the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock valued at $613,001,000 after acquiring an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Best Buy by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after acquiring an additional 160,713 shares during the period. Finally, Invesco Ltd. grew its holdings in Best Buy by 6.1% during the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after acquiring an additional 271,988 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity

In other news, Chairman Richard Schulze sold 224,705 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 500,000 shares of company stock valued at $39,065,226 in the last ninety days. 0.50% of the stock is owned by corporate insiders.

Best Buy Trading Up 3.2%

Shares of NYSE BBY opened at $90.89 on Friday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.37. The stock has a market cap of $19.06 billion, a price-to-earnings ratio of 15.12, a P/E/G ratio of 2.20 and a beta of 1.28. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The company’s fifty day moving average is $85.24 and its 200-day moving average is $72.82.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.82 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BBY. The Goldman Sachs Group increased their price target on Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research note on Friday, August 28th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Citigroup increased their target price on Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, August 13th. Finally, UBS Group restated a “neutral” rating and set a $90.00 target price (up from $86.00) on shares of Best Buy in a report on Friday, August 28th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $85.40.

Best Buy Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.