Greenwood Capital Associates LLC Reduces Position in Best Buy Co., Inc. $BBY

Greenwood Capital Associates LLC decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 32.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 15,074 shares of the technology retailer’s stock after selling 7,196 shares during the period. Greenwood Capital Associates LLC’s holdings in Best Buy were worth $1,144,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Woodline Partners LP raised its position in shares of Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after buying an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after acquiring an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario grew its stake in Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC grew its stake in Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after acquiring an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after acquiring an additional 76,102 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BBY has been the topic of several analyst reports. The Goldman Sachs Group raised their price objective on Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Guggenheim raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Best Buy presently has an average rating of “Hold” and an average target price of $85.40.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 500,000 shares of company stock worth $39,065,226. 0.50% of the stock is currently owned by corporate insiders.

Best Buy News Summary

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Quarterly results exceeded expectations. Best Buy reported Q2 FY27 revenue of $9.78 billion, up 3.6% year over year and above the $9.59 billion consensus estimate. Adjusted earnings of $1.47 per share also topped the $1.39 consensus, while comparable sales rose 4.1%. Best Buy Reports Second Quarter Results
• Positive Sentiment: Best Buy raised its full-year outlook. The company now expects adjusted fiscal 2027 earnings of $6.70 to $6.90 per share, up from $6.30 to $6.60 previously, and revenue of $42.3 billion to $42.8 billion. The improved forecast reflects strength in computing and steady demand for technology upgrades and replacements. Best Buy raises annual sales forecast on steady electronics demand
• Positive Sentiment: Analyst sentiment improved. Guggenheim and DA Davidson each raised their BBY price target from $90 to $95 and assigned a “buy” rating, implying roughly 15% upside from the referenced price.
• Positive Sentiment: Shareholder returns remain attractive. Best Buy declared a quarterly dividend of $0.96 per share, equivalent to an annualized yield of approximately 4.7% at the referenced price.
• Neutral Sentiment: Growth initiatives could support the longer-term retail recovery. Best Buy is expanding its omnichannel strategy, including the Ask Blue conversational AI assistant and smaller-format stores, while digital-led sales growth was highlighted during the earnings call. Best Buy Expands Omnichannel Footprint With OpenAI Integration and Smaller-Format Stores
• Negative Sentiment: The negative market reaction likely reflects high expectations and lingering risks. Although results beat estimates, the outlook increase was relatively modest versus consensus, international revenue declined, and investors remain cautious about discretionary spending. Analysts are also described as conflicted on BBY, suggesting uncertainty about how durable the recovery will be. Analysts Conflicted on These Consumer Cyclical Names

Best Buy Stock Performance

Best Buy stock opened at $82.34 on Friday. The stock’s 50-day moving average is $83.16 and its 200-day moving average is $71.34. The company has a market cap of $17.35 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 2.33 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter in the prior year, the company earned $1.28 EPS. The company’s revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.79 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be issued a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. Best Buy’s payout ratio is presently 71.11%.

Best Buy Company 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.