Plato Investment Management Ltd acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 11,406 shares of the technology retailer’s stock, valued at approximately $860,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Trivium Point Advisory LLC purchased a new position in Best Buy in the second quarter valued at $273,000. Chase Investment Counsel Corp purchased a new stake in Best Buy during the 2nd quarter worth about $278,000. Tulsa Wealth Advisors INC acquired a new position in shares of Best Buy during the 2nd quarter worth about $1,819,000. Global Retirement Partners LLC acquired a new position in shares of Best Buy during the 2nd quarter worth about $394,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Best Buy in the 2nd quarter valued at about $174,893,000. Institutional investors and hedge funds own 80.96% of the company’s stock.
Insider Transactions at Best Buy
In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman directly owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Corporate insiders own 0.50% of the company’s stock.
Best Buy Stock Up 2.2%
Best Buy (NYSE:BBY – Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. Best Buy’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the firm posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.
Best Buy Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.4%. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on BBY shares. The Goldman Sachs Group raised their target price on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. Weiss Ratings raised Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 29th. Guggenheim reiterated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, May 29th. Wedbush raised their price objective on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Telsey Advisory Group boosted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $82.70.
Read Our Latest Report on Best Buy
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.
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