Lebenthal Global Advisors LLC lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 41.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,667 shares of the technology retailer’s stock after selling 5,477 shares during the period. Lebenthal Global Advisors LLC’s holdings in Best Buy were worth $677,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in BBY. Parcion Private Wealth LLC purchased a new position in shares of Best Buy in the 3rd quarter valued at $312,000. Partners Wealth Management LLC acquired a new stake in Best Buy during the 3rd quarter worth $239,000. Soltis Investment Advisors LLC acquired a new stake in Best Buy during the 3rd quarter worth $209,000. Choreo LLC lifted its position in Best Buy by 12.3% in the third quarter. Choreo LLC now owns 18,678 shares of the technology retailer’s stock valued at $1,648,000 after acquiring an additional 2,039 shares during the last quarter. Finally, Interchange Capital Partners LLC lifted its position in Best Buy by 27.3% in the third quarter. Interchange Capital Partners LLC now owns 5,267 shares of the technology retailer’s stock valued at $465,000 after acquiring an additional 1,129 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.
Insider Buying and Selling at Best Buy
In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction on Wednesday, September 23rd. The shares were 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 owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard Schulze sold 300,000 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was 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. Insiders own 0.50% of the company’s stock.
Best Buy Stock Down 4.8%
Best Buy stock opened at $95.56 on Friday. The stock has a 50 day moving average of $90.37 and a two-hundred day moving average of $75.33. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $100.58. The stock has a market capitalization of $20.04 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 2.39 and a beta of 1.26. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36.
Best Buy (NYSE:BBY – Get Free Report) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.
Best Buy Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s payout ratio is currently 63.89%.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on BBY shares. Piper Sandler upped their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Morgan Stanley boosted their target price on Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 28th. DA Davidson raised Best Buy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 24th. Telsey Advisory Group upped their target price on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Finally, Bank of America assumed coverage on Best Buy in a research note on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $86.15.
Read Our Latest Stock Analysis on Best Buy
Best Buy 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.
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