Kestra Investment Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 16.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 25,183 shares of the technology retailer’s stock after selling 5,007 shares during the period. Kestra Investment Management LLC’s holdings in Best Buy were worth $2,222,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. AlphaCore Capital LLC lifted its stake in shares of Best Buy by 200.0% in the third quarter. AlphaCore Capital LLC now owns 17,500 shares of the technology retailer’s stock valued at $1,544,000 after purchasing an additional 11,666 shares during the period. Retirement Systems of Alabama boosted its holdings in Best Buy by 116.3% during the third quarter. Retirement Systems of Alabama now owns 89,033 shares of the technology retailer’s stock worth $7,856,000 after buying an additional 47,869 shares in the last quarter. Fulcrum Asset Management LLP grew its position in Best Buy by 52,769.7% during the third quarter. Fulcrum Asset Management LLP now owns 40,181 shares of the technology retailer’s stock worth $3,525,000 after buying an additional 40,105 shares during the period. Allspring Global Investments Holdings LLC grew its position in Best Buy by 17.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 13,248 shares of the technology retailer’s stock worth $1,162,000 after buying an additional 1,953 shares during the period. Finally, StoneRidge PMG Advisors LLC acquired a new position in Best Buy during the third quarter worth about $1,825,000. 80.96% of the stock is owned by institutional investors and hedge funds.
Best Buy Price Performance
Shares of NYSE BBY opened at $104.13 on Wednesday. The stock has a market cap of $21.84 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 2.66 and a beta of 1.20. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $106.83. The company’s 50-day moving average price is $92.52 and its 200 day moving average price is $76.48. 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 posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.
Best Buy Announces Dividend
The firm also recently declared 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 annualized dividend and a dividend yield of 3.7%. Best Buy’s dividend payout ratio is currently 63.89%.
Key Best Buy News
Here are the key news stories impacting Best Buy this week:
- Positive Sentiment: Best Buy’s fresh 52-week high reflects strong recent momentum. One analysis considers whether the stock has room to rise further, while other coverage points to future cash flow and valuation measures as reasons it may still be undervalued. Best Buy hits a fresh high Best Buy stock looks cheap based on future cash flow Is Best Buy undervalued?
- Positive Sentiment: Fresh analyst support and attention to BBY’s value appeal may help reinforce buying interest. Separate coverage also presents Best Buy as a potential dividend-stock candidate. Best Buy gets fresh analyst support Why Best Buy may be a dividend stock
- Neutral Sentiment: Two reports say Best Buy price targets were raised to $95 and $102. The increases signal improved analyst expectations, but both targets are below the recent share price, potentially limiting near-term upside according to those estimates. Price target raised to $95 Price target raised to $102
Analysts Set New Price Targets
BBY has been the subject of a number of research analyst reports. Telsey Advisory Group increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Wedbush reissued a “buy” rating on shares of Best Buy in a research note on Monday, August 24th. Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. DA Davidson upgraded Best Buy from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 24th. Finally, Truist Financial set a $100.00 price objective on Best Buy in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $87.35.
View Our Latest Analysis on Best Buy
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 the firm’s stock in a transaction that occurred 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. 0.50% of the stock is owned by corporate insiders.
Best Buy Profile
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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