Manning & Napier Advisors LLC Cuts Stock Holdings in Best Buy Co., Inc. $BBY

Manning & Napier Advisors LLC trimmed its stake in Best Buy Co., Inc. (NYSE:BBY) by 64.8% during the 3rd quarter, Holdings Channel reports. The firm owned 12,110 shares of the technology retailer’s stock after selling 22,297 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Best Buy were worth $916,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Best Buy in the 2nd quarter worth $171,851,000. AQR Capital Management LLC grew its position in Best Buy by 39.5% in the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after acquiring an additional 991,141 shares in the last quarter. Pacer Advisors Inc. increased its stake in Best Buy by 61.9% in the third quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock valued at $151,156,000 after acquiring an additional 764,064 shares during the last quarter. Invesco Ltd. increased its stake in Best Buy by 15.8% in the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after acquiring an additional 621,863 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC raised its position in Best Buy by 855.5% during the second quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock valued at $46,094,000 after purchasing an additional 614,779 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Up 2.1%

Shares of Best Buy stock opened at $68.09 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $91.68. The company’s 50 day moving average price is $72.99 and its 200-day moving average price is $73.58. The stock has a market capitalization of $14.27 billion, a price-to-earnings ratio of 22.55, a P/E/G ratio of 1.69 and a beta of 1.41.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.09. The business had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.26 EPS. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Tuesday, December 16th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Tuesday, December 16th. Best Buy’s dividend payout ratio is currently 125.83%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 74,553 shares of the business’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $84.31, for a total transaction of $6,285,563.43. Following the transaction, the chairman owned 11,451,911 shares in the company, valued at $965,510,616.41. The trade was a 0.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 1,534,993 shares of company stock valued at $126,626,855 over the last quarter. 0.47% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on BBY shares. Loop Capital increased their price objective on Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. Daiwa Capital Markets increased their price target on shares of Best Buy from $76.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, November 28th. Morgan Stanley lowered their price objective on shares of Best Buy from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Thursday. Telsey Advisory Group upped their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $97.00 to $99.00 in a research report on Tuesday, November 25th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $83.58.

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.