The Manufacturers Life Insurance Company Invests $14.59 Million in Best Buy Co., Inc. $BBY

The Manufacturers Life Insurance Company bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 192,209 shares of the technology retailer’s stock, valued at approximately $14,585,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Woodline Partners LP grew its holdings in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after purchasing an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of 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 purchasing an additional 1,234 shares during the period. Investment Management Corp of Ontario lifted its stake in Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC lifted its position in Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after purchasing an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of 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 buying an additional 76,102 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy News Roundup

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

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. This represents a 2.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 500,000 shares of company stock worth $39,065,226. 0.50% of the stock is currently owned by insiders.

Best Buy Stock Down 1.5%

BBY stock opened at $82.34 on Friday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26. The company has a fifty day moving average price of $83.16 and a 200 day moving average price of $71.34. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.40. 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 2.36 and a beta of 1.29.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. During the same period last year, the business posted $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. Sell-side analysts expect that Best Buy Co., Inc. will post 6.7 earnings per share for the current year.

Best Buy Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on BBY. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday. Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price for the company. in a report on Monday, July 13th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Citigroup lifted their price target on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Finally, Guggenheim increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $85.40.

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.