Best Buy Co., Inc. $BBY Shares Acquired by First Trust Advisors LP

First Trust Advisors LP raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 17.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 675,289 shares of the technology retailer’s stock after purchasing an additional 98,465 shares during the period. First Trust Advisors LP owned 0.32% of Best Buy worth $51,065,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Islay Capital Management LLC bought a new stake in Best Buy during the third quarter valued at $564,000. Rock Point Advisors LLC raised its stake in Best Buy by 2.4% during the third quarter. Rock Point Advisors LLC now owns 29,258 shares of the technology retailer’s stock worth $2,212,000 after acquiring an additional 684 shares during the period. Cresset Asset Management LLC bought a new position in Best Buy in the third quarter worth about $463,000. Level Four Advisory Services LLC lifted its holdings in Best Buy by 3.8% in the third quarter. Level Four Advisory Services LLC now owns 44,769 shares of the technology retailer’s stock worth $3,385,000 after acquiring an additional 1,627 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in Best Buy by 1.0% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 356,836 shares of the technology retailer’s stock valued at $26,983,000 after acquiring an additional 3,550 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

BBY stock opened at $63.19 on Thursday. The company has a 50-day simple moving average of $66.46 and a 200 day simple moving average of $72.58. The company has a market capitalization of $13.21 billion, a P/E ratio of 12.54, a PEG ratio of 1.60 and a beta of 1.46. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $84.99.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The firm had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. During the same quarter last year, the company earned $2.58 EPS. Best Buy’s quarterly 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 predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.96 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BBY shares. JPMorgan Chase & Co. lowered Best Buy from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $99.00 to $76.00 in a report on Monday, February 2nd. Truist Financial reduced their price objective on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research report on Tuesday, March 3rd. The Goldman Sachs Group lowered their price objective 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. Loop Capital increased their target price on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Finally, DA Davidson set a $78.00 target price on Best Buy in a research note on Thursday, March 5th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $76.20.

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.