Pullen Investment Management LLC Acquires 21,842 Shares of Best Buy Co., Inc. $BBY

Pullen Investment Management LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 21,842 shares of the technology retailer’s stock, valued at approximately $1,927,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BBY. B.A. Schrock Wealth Management Inc. acquired a new position in Best Buy during the third quarter worth approximately $2,064,000. Corient Private Wealth LP purchased a new position in Best Buy during the second quarter worth approximately $18,648,000. Munich Reinsurance Co Stock Corp in Munich boosted its holdings in shares of Best Buy by 80.0% in the 2nd quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer’s stock valued at $7,016,000 after purchasing an additional 41,092 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Best Buy in the 2nd quarter valued at $2,734,000. Finally, BlackRock Inc. acquired a new position in shares of Best Buy in the 2nd quarter valued at $1,932,812,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BBY shares. Citigroup upped their price objective on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Loop Capital cut Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a report on Monday, July 13th. Bank of America assumed coverage on Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target for the company. Finally, Telsey Advisory Group upped their price target on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $85.90.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the business’s 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 legal filing with the SEC, which is available at this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the company’s 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 sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.50% of the company’s stock.

Best Buy Trading Down 0.0%

Shares of BBY stock opened at $99.85 on Monday. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 2.50 and a beta of 1.26. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $100.58. The firm’s 50 day moving average price is $89.34 and its two-hundred day moving average price is $78.69.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the prior year, the business earned $1.28 earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were given a $0.96 dividend. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 3.8%. Best Buy’s dividend payout ratio (DPR) is 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.