New Wave Wealth Advisors LLC Takes Position in Best Buy Co., Inc. $BBY

New Wave Wealth Advisors LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, Holdings Channel.com reports. The firm acquired 6,026 shares of the technology retailer’s stock, valued at approximately $405,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Community Bank & Trust Waco Texas lifted its stake in shares of Best Buy by 0.5% in the 1st quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer’s stock valued at $2,280,000 after purchasing an additional 145 shares during the last quarter. HB Wealth Management LLC lifted its stake in shares of Best Buy by 2.4% in the 1st quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer’s stock valued at $467,000 after purchasing an additional 149 shares during the last quarter. Townsquare Capital LLC lifted its stake in shares of Best Buy by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer’s stock valued at $454,000 after purchasing an additional 153 shares during the last quarter. Capital Investment Advisors LLC lifted its stake in shares of Best Buy by 0.8% in the 2nd quarter. Capital Investment Advisors LLC now owns 19,033 shares of the technology retailer’s stock valued at $1,278,000 after purchasing an additional 154 shares during the last quarter. Finally, Bailard Inc. lifted its stake in shares of Best Buy by 0.7% in the 1st quarter. Bailard Inc. now owns 21,965 shares of the technology retailer’s stock valued at $1,617,000 after purchasing an additional 157 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 2,018 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the transaction, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. The trade was a 9.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,833 shares of company stock worth $14,941,472. 0.47% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BBY shares. Wells Fargo & Company boosted their price objective on Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 29th. Telsey Advisory Group reiterated an “outperform” rating and issued a $90.00 price objective on shares of Best Buy in a report on Friday, August 29th. Argus reiterated a “hold” rating on shares of Best Buy in a report on Tuesday, September 16th. Barclays reiterated an “equal weight” rating and issued a $74.00 price objective on shares of Best Buy in a report on Friday, August 29th. Finally, Truist Financial boosted their price objective on Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $81.50.

Best Buy Price Performance

Shares of NYSE BBY opened at $77.33 on Thursday. The stock’s 50-day moving average is $72.43 and its two-hundred day moving average is $70.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $101.42. The company has a market cap of $16.25 billion, a price-to-earnings ratio of 21.36, a price-to-earnings-growth ratio of 1.99 and a beta of 1.23.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the business earned $1.34 EPS. Best Buy’s revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be issued a dividend of $0.95 per share. The ex-dividend date is Thursday, September 18th. This represents a $3.80 annualized dividend and a yield of 4.9%. Best Buy’s dividend payout ratio is 104.97%.

About Best Buy

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.