Concurrent Investment Advisors LLC Sells 583 Shares of Best Buy Co., Inc. $BBY

Concurrent Investment Advisors LLC decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.1% in the second quarter, Holdings Channel reports. The fund owned 27,242 shares of the technology retailer’s stock after selling 583 shares during the period. Concurrent Investment Advisors LLC’s holdings in Best Buy were worth $1,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. IFM Investors Pty Ltd increased its stake in shares of Best Buy by 6.6% in the second quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer’s stock worth $3,284,000 after purchasing an additional 3,040 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer’s stock worth $14,560,000 after buying an additional 13,378 shares during the period. Blackhawk Capital Partners LLC. bought a new position in Best Buy during the first quarter worth $1,574,000. Alberta Investment Management Corp increased its position in Best Buy by 25.6% during the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer’s stock worth $2,422,000 after acquiring an additional 6,700 shares during the period. Finally, Focus Partners Advisor Solutions LLC increased its position in Best Buy by 191.9% during the first quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer’s stock worth $789,000 after acquiring an additional 7,043 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Trading Down 0.3%

BBY stock opened at $77.26 on Wednesday. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $99.80. The firm has a market cap of $16.23 billion, a P/E ratio of 21.34, a P/E/G ratio of 2.04 and a beta of 1.23. The business’s 50 day moving average is $74.13 and its 200-day moving average is $70.14. 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 announced 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 return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the business posted $1.34 earnings per share. The business’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. 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 company also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a $0.95 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 4.9%. Best Buy’s dividend payout ratio is presently 104.97%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several research reports. Citigroup restated a “buy” rating on shares of Best Buy in a report on Thursday, August 28th. Truist Financial boosted their price target on Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, August 29th. Piper Sandler restated a “neutral” rating and set a $75.00 price target (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Jefferies Financial Group boosted their price objective on Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Wedbush boosted their price objective on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $81.69.

Insider Activity

In related news, CAO Mathew Watson sold 2,018 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the sale, the chief accounting officer directly owned 20,132 shares in the company, valued at $1,545,332.32. This represents a 9.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The disclosure for this sale can be found here. Insiders have sold 201,833 shares of company stock worth $14,941,472 over the last ninety days. Insiders own 0.59% of the company’s stock.

Best Buy 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.