Schroder Investment Management Group Buys 41,230 Shares of Best Buy Co., Inc. $BBY

Schroder Investment Management Group grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 646,673 shares of the technology retailer’s stock after acquiring an additional 41,230 shares during the period. Schroder Investment Management Group’s holdings in Best Buy were worth $48,901,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Best Buy by 2.4% during the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after acquiring an additional 552,360 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Best Buy by 46.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 142,288 shares of the technology retailer’s stock worth $10,760,000 after acquiring an additional 44,989 shares during the last quarter. CWM LLC boosted its stake in shares of Best Buy by 272.6% in the 3rd quarter. CWM LLC now owns 183,842 shares of the technology retailer’s stock valued at $13,902,000 after purchasing an additional 134,508 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Best Buy by 2.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after purchasing an additional 39,026 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Best Buy by 155.9% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 157,400 shares of the technology retailer’s stock worth $11,903,000 after purchasing an additional 95,900 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on BBY. DA Davidson set a $78.00 price target on shares of Best Buy in a research report on Thursday, March 5th. The Goldman Sachs Group lowered their target price on Best Buy from $93.00 to $76.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. JPMorgan Chase & Co. cut Best Buy from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $99.00 to $76.00 in a report on Monday, February 2nd. BNP Paribas Exane lifted their price target on Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 4th. Finally, Guggenheim reiterated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Wednesday, March 4th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $76.20.

Best Buy Stock Down 1.7%

NYSE BBY opened at $64.85 on Wednesday. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $84.99. The stock has a market capitalization of $13.56 billion, a PE ratio of 12.87, a PEG ratio of 1.63 and a beta of 1.46. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. The business’s 50-day moving average is $66.54 and its 200 day moving average is $72.64.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. During the same quarter last year, the business posted $2.58 EPS. The business’s revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s payout ratio is presently 75.40%.

Best Buy Profile

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.