Carmel Capital Partners LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY – Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 9,571 shares of the technology retailer’s stock, valued at approximately $845,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in Best Buy in the 2nd quarter worth about $1,932,812,000. Bank of New York Mellon Corp bought a new position in Best Buy during the 2nd quarter valued at about $174,893,000. Deutsche Bank AG purchased a new stake in shares of Best Buy during the 2nd quarter valued at about $116,003,000. KBC Group NV boosted its holdings in shares of Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after acquiring an additional 531,998 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Best Buy by 113.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock valued at $93,054,000 after acquiring an additional 770,339 shares during the last quarter. 80.96% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on BBY shares. Morgan Stanley boosted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 28th. Citigroup lifted their target price on shares of Best Buy from $88.00 to $102.00 and gave the stock a “neutral” rating in a research report on Friday. Jefferies Financial Group downgraded shares of Best Buy from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $85.00 in a research report on Wednesday, August 5th. Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price for the company. in a research note on Monday, July 13th. Finally, Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $87.35.
Check Out Our Latest Stock Report on BBY
Insiders Place Their Bets
In other news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value 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 Performance
Shares of NYSE:BBY traded up $0.18 during trading on Friday, hitting $99.58. The company’s stock had a trading volume of 2,739,735 shares, compared to its average volume of 2,866,252. The company has a 50-day moving average of $91.57 and a 200-day moving average of $76.10. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $103.54. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The firm has a market cap of $20.89 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 2.40 and a beta of 1.20.
Best Buy (NYSE:BBY – Get Free Report) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same period in the previous year, the business posted $1.28 earnings per share. The firm’s quarterly revenue 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. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.
Best Buy Announces Dividend
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 dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.9%. Best Buy’s payout ratio is presently 63.89%.
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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