Best Buy Co., Inc. $BBY Holdings Boosted by M&T Bank Corp

M&T Bank Corp boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 917.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 115,411 shares of the technology retailer’s stock after purchasing an additional 104,070 shares during the period. M&T Bank Corp’s holdings in Best Buy were worth $7,724,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. grew its position in Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the 3rd quarter valued at $25,000. Root Financial Partners LLC acquired a new stake in shares of Best Buy during the 3rd quarter valued at $32,000. Wolff Wiese Magana LLC acquired a new stake in shares of Best Buy during the 4th quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of Best Buy during the 2nd quarter valued at $33,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Down 1.7%

BBY stock opened at $60.45 on Friday. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a 1 year low of $59.77 and a 1 year high of $84.99. The company has a fifty day simple moving average of $63.87 and a 200 day simple moving average of $70.00. The firm has a market cap of $12.64 billion, a PE ratio of 11.99, a PEG ratio of 1.52 and a beta of 1.35.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. During the same quarter in the previous year, the business earned $2.58 EPS. Best Buy’s quarterly revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend was Tuesday, March 24th. This is a boost from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

Insiders Place Their Bets

In related news, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the sale, the chief executive officer owned 523,138 shares of the company’s stock, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 11,356 shares of Best Buy stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $727,011.12. Following the completion of the sale, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at approximately $4,922,113.68. The trade was a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 77,247 shares of company stock worth $4,945,353 in the last 90 days. 0.47% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BBY. Wells Fargo & Company decreased their target price on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 18th. DA Davidson set a $78.00 target price on shares of Best Buy in a research note on Thursday, March 5th. Daiwa Securities Group decreased their target price on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a research note on Thursday, March 5th. BNP Paribas Exane lifted their target price on shares of Best Buy from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. Finally, Jefferies Financial Group decreased their target price on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, February 9th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average target price of $74.85.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.