Commonwealth Retirement Investments LLC Trims Position in Best Buy Co., Inc. $BBY

Commonwealth Retirement Investments LLC lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,348 shares of the technology retailer’s stock after selling 897 shares during the period. Commonwealth Retirement Investments LLC’s holdings in Best Buy were worth $1,769,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in BBY. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Best Buy in the second quarter valued at about $26,000. Maseco LLP bought a new stake in shares of Best Buy in the second quarter valued at about $39,000. Bogart Wealth LLC raised its holdings in shares of Best Buy by 202.0% in the second quarter. Bogart Wealth LLC now owns 604 shares of the technology retailer’s stock valued at $41,000 after acquiring an additional 404 shares in the last quarter. Sentry Investment Management LLC bought a new stake in shares of Best Buy in the second quarter valued at about $44,000. Finally, Wealth Preservation Advisors LLC bought a new stake in shares of Best Buy in the first quarter valued at about $53,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 2.6%

NYSE:BBY opened at $79.38 on Wednesday. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $95.49. The stock has a market capitalization of $16.68 billion, a P/E ratio of 21.93, a P/E/G ratio of 2.21 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. The company’s 50-day simple moving average is $77.14 and its 200-day simple moving average is $72.19.

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

Best Buy Dividend Announcement

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

Insider Activity

In other news, Chairman Richard M. Schulze sold 500,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the transaction, the chairman owned 12,486,904 shares in the company, valued at $1,009,316,450.32. This represents a 3.85% decrease in their ownership of the stock. The transaction 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 company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at approximately $1,640,650.50. This trade represents a 14.36% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,736,826 shares of company stock worth $141,568,327. Corporate insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BBY. Truist Financial lifted their price objective on Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a report on Friday, August 29th. Wells Fargo & Company lifted their price objective on Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 29th. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, October 8th. Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Bank of America decreased their price objective on Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a report on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $81.69.

About Best Buy

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.