44,393 Shares in Best Buy Co., Inc. $BBY Purchased by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the first quarter, HoldingsChannel.com reports. The firm purchased 44,393 shares of the technology retailer’s stock, valued at approximately $2,851,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Woodline Partners LP increased its stake in shares of Best Buy by 40.1% during the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after buying an additional 4,701 shares during the period. Daiwa Securities Group Inc. lifted its stake in Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after acquiring an additional 1,234 shares during the period. Investment Management Corp of Ontario boosted its holdings in Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after acquiring an additional 7,288 shares in the last quarter. Ieq Capital LLC boosted its holdings in Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after acquiring an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after purchasing an additional 76,102 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

BBY opened at $77.81 on Friday. The stock has a fifty day simple moving average of $68.18 and a two-hundred day simple moving average of $66.81. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market cap of $16.40 billion, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter last year, the firm posted $1.15 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Analyst Upgrades and Downgrades

BBY has been the subject of several research reports. UBS Group restated a “neutral” rating and issued a $86.00 price objective (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Morgan Stanley lifted their target price on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Loop Capital reduced their price target on shares of Best Buy from $85.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. Jefferies Financial Group increased their price target on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Citigroup raised their price objective on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $79.50.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.