Diligent Investors LLC Acquires 6,411 Shares of Best Buy Co., Inc. $BBY

Diligent Investors LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 6,411 shares of the technology retailer’s stock, valued at approximately $566,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Vest Financial LLC bought a new stake in shares of Best Buy during the third quarter worth about $5,002,000. Cantor Fitzgerald Investment Advisors L.P. increased its stake in shares of Best Buy by 2.2% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 202,773 shares of the technology retailer’s stock valued at $17,893,000 after buying an additional 4,442 shares during the period. PFS Partners LLC acquired a new position in shares of Best Buy in the third quarter valued at approximately $66,000. Eagle Rock Investment Company LLC acquired a new position in shares of Best Buy in the third quarter valued at approximately $12,706,000. Finally, Axxcess Wealth Management LLC bought a new position in Best Buy in the 3rd quarter valued at approximately $843,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 300,000 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value 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 approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BBY shares. Bank of America began coverage on shares of Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price on the stock. Citigroup upped their price target on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Weiss Ratings raised shares of Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Telsey Advisory Group lifted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $85.90.

Best Buy Stock Performance

Shares of BBY stock opened at $99.78 on Friday. The stock has a market capitalization of $20.93 billion, a PE ratio of 16.60, a PEG ratio of 2.35 and a beta of 1.26. The business’s 50 day simple moving average is $89.08 and its 200 day simple moving average is $78.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $99.92.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $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 year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.