Kestra Advisory Services LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 940.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 151,299 shares of the technology retailer’s stock after purchasing an additional 136,758 shares during the period. Kestra Advisory Services LLC’s holdings in Best Buy were worth $13,351,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Best Buy in the 2nd quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp acquired a new position in Best Buy during the second quarter worth $174,893,000. Deutsche Bank AG purchased a new position in Best Buy in the second quarter worth $116,003,000. Legal & General Group Plc purchased a new position in Best Buy in the second quarter worth $83,427,000. Finally, Hsbc Holdings PLC acquired a new stake in Best Buy in the second quarter valued at $79,627,000. 80.96% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Best Buy
In other news, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction that occurred 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 directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This trade represents a 49.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 16th. The stock was 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. 0.50% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
BBY has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Bank of America initiated coverage on shares of Best Buy in a research note on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target on the stock. Citigroup increased their price target on shares of Best Buy from $88.00 to $102.00 and gave the company a “neutral” rating in a report on Friday. Guggenheim raised their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Wedbush reissued a “buy” rating on shares of Best Buy in a report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $87.35.
Read Our Latest Analysis on Best Buy
Best Buy Stock Down 0.0%
Best Buy stock opened at $99.58 on Monday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $103.54. The firm has a market capitalization of $20.89 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 2.49 and a beta of 1.20. The stock’s fifty day moving average is $91.57 and its two-hundred day moving average is $76.10. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12.
Best Buy (NYSE:BBY – Get Free Report) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.
Best Buy Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.
About Best Buy
Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels.
The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada.
Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.
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