TD Waterhouse Canada Inc. increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 480.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,403 shares of the technology retailer’s stock after acquiring an additional 33,444 shares during the period. TD Waterhouse Canada Inc.’s holdings in Best Buy were worth $3,565,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of BBY. Ashurst Perkins Coie Trust Co raised its position in Best Buy by 75.1% during the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after acquiring an additional 169 shares in the last quarter. Aberdeen Wealth Management LLC acquired a new position in Best Buy in the second quarter valued at approximately $38,000. Maseco LLP purchased a new stake in Best Buy in the 1st quarter worth approximately $37,000. Elevation Wealth Partners LLC boosted its position in Best Buy by 2,120.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer’s stock worth $49,000 after purchasing an additional 615 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its position in Best Buy by 65.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 730 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 290 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.
Best Buy Price Performance
Shares of Best Buy stock opened at $93.81 on Wednesday. The firm has a market cap of $19.67 billion, a PE ratio of 15.61, a P/E/G ratio of 2.28 and a beta of 1.26. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $96.53. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The business has a 50-day moving average price of $88.56 and a 200 day moving average price of $77.98.
Best Buy (NYSE:BBY – Get Free Report) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. Best Buy’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.
Best Buy Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a $0.96 dividend. The ex-dividend date was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.1%. Best Buy’s payout ratio is 63.89%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Piper Sandler raised their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Citigroup boosted their target price on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, August 13th. Weiss Ratings raised shares of Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Bank of America began coverage on shares of Best Buy in a report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $85.90.
Check Out Our Latest Report on BBY
Insider Activity at Best Buy
In other news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was 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 directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard Schulze sold 300,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.50% of the company’s stock.
About Best Buy
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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