Best Buy Co., Inc. $BBY Shares Bought by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,088 shares of the technology retailer’s stock after acquiring an additional 2,927 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Best Buy were worth $2,583,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock valued at $512,986,000 after purchasing an additional 408,605 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Best Buy by 6.4% in the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock valued at $289,051,000 after buying an additional 234,669 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Best Buy by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer’s stock valued at $240,173,000 after buying an additional 105,710 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Best Buy by 36.5% in the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer’s stock valued at $181,357,000 after buying an additional 671,408 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in Best Buy by 3.3% in the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer’s stock valued at $122,577,000 after acquiring an additional 52,550 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 3,715 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the completion of the transaction, the chief accounting officer directly owned 22,150 shares of the company’s stock, valued at approximately $1,640,650.50. This represents a 14.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 500,000 shares of Best Buy stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $80.83, for a total value of $40,415,000.00. Following the completion of the sale, the chairman owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,736,826 shares of company stock worth $141,568,327. Company insiders own 0.47% of the company’s stock.

Best Buy Trading Up 0.3%

Shares of BBY stock opened at $78.93 on Friday. The company has a market capitalization of $16.58 billion, a P/E ratio of 21.80, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $77.48 and its two-hundred day moving average is $72.47. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $95.49.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS 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 business had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the business earned $1.34 earnings per share. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities 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 Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a $0.95 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 4.8%. Best Buy’s payout ratio is presently 104.97%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Telsey Advisory Group reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, August 29th. Truist Financial upped their target price on Best Buy from $72.00 to $79.00 and gave the company a “hold” rating in a research report on Friday. Bank of America cut their price target on Best Buy from $63.00 to $60.00 and set an “underperform” rating on the stock in a research report on Friday, August 29th. Citigroup boosted their price objective on Best Buy from $73.00 to $82.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Piper Sandler restated a “neutral” rating and set a $75.00 target price (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $83.38.

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.