ProShare Advisors LLC Sells 9,060 Shares of Best Buy Co., Inc. $BBY

ProShare Advisors LLC lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 20.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,717 shares of the technology retailer’s stock after selling 9,060 shares during the period. ProShare Advisors LLC’s holdings in Best Buy were worth $3,152,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Clark Wealth Partners bought a new stake in shares of Best Buy in the 3rd quarter valued at $29,000. Ashurst Perkins Coie Trust Co raised its holdings in shares of Best Buy by 75.1% in the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after purchasing an additional 169 shares during the last quarter. Farmers & Merchants Investments Inc. boosted its stake in shares of Best Buy by 313.9% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 447 shares of the technology retailer’s stock worth $39,000 after buying an additional 339 shares during the last quarter. Aberdeen Wealth Management LLC purchased a new position in shares of Best Buy in the 2nd quarter worth about $38,000. Finally, Physician Wealth Advisors Inc. grew its position in shares of Best Buy by 582.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 621 shares of the technology retailer’s stock valued at $55,000 after acquiring an additional 530 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on BBY. Barclays increased their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Weiss Ratings cut shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 27th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Citigroup increased their target price on Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Finally, The Goldman Sachs Group raised their target price on Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $86.15.

Insider Activity

In related news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by company insiders.

Best Buy Stock Performance

Shares of BBY opened at $99.29 on Friday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $103.54. The business’s fifty day simple moving average is $91.25 and its two-hundred day simple moving average is $75.93. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The company has a market cap of $20.82 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 2.53 and a beta of 1.20.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.9%. Best Buy’s payout ratio is presently 63.89%.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.