Wealthfront Advisers LLC Takes Position in Best Buy Co., Inc. $BBY

Wealthfront Advisers LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,634 shares of the technology retailer’s stock, valued at approximately $731,000.

Other institutional investors have also modified their holdings of the company. Concurrent Investment Advisors LLC grew its position in shares of Best Buy by 100.6% during the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock worth $4,704,000 after buying an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in Best Buy in the fourth quarter valued at $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Best Buy by 42.9% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock valued at $15,059,000 after acquiring an additional 67,600 shares in the last quarter. Oxbow Advisors LLC bought a new position in Best Buy during the 4th quarter valued at $6,295,000. Finally, Crossmark Global Holdings Inc. boosted its stake in Best Buy by 199.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer’s stock valued at $2,432,000 after acquiring an additional 24,219 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 0.4%

Shares of NYSE:BBY opened at $86.07 on Friday. The stock has a market capitalization of $18.14 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.26. The company’s fifty day moving average is $82.15 and its two-hundred day moving average is $70.72. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period last year, the firm posted $1.15 EPS. 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. Equities analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s payout ratio is presently 71.11%.

Analyst Ratings Changes

BBY has been the topic of a number of recent analyst reports. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a research note on Monday, July 13th. JPMorgan Chase & Co. lifted their price target on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Truist Financial raised Best Buy from a “hold” rating to a “buy” rating and boosted their price objective for the company from $81.00 to $95.00 in a report on Tuesday, August 11th. Finally, Daiwa Securities Group upped their price objective on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average target price of $83.10.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by insiders.

Best Buy Company 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.