Best Buy Co., Inc. $BBY Shares Bought by Cetera Investment Advisers

Cetera Investment Advisers grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,318 shares of the technology retailer’s stock after purchasing an additional 8,572 shares during the period. Cetera Investment Advisers’ holdings in Best Buy were worth $7,853,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC increased its stake in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after buying an additional 3,496,254 shares during the period. Norges Bank purchased a new position in Best Buy in the 4th quarter valued at approximately $174,685,000. Schroder Investment Management Group boosted its position in Best Buy by 378.8% in the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock valued at $207,216,000 after buying an additional 2,449,342 shares during the period. Hsbc Holdings PLC grew its stake in shares of Best Buy by 104.1% in the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after acquiring an additional 1,030,544 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Best Buy by 293.6% in the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after acquiring an additional 785,294 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

Best Buy stock opened at $86.19 on Friday. The stock has a market cap of $18.17 billion, a P/E ratio of 15.96, a price-to-earnings-growth ratio of 2.34 and a beta of 1.30. The company has a fifty day simple moving average of $78.41 and a 200-day simple moving average of $68.81. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several analyst reports. Truist Financial increased their price objective on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research note on Friday, May 29th. Citigroup boosted their target price on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. UBS Group restated a “neutral” rating and set a $86.00 price target (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Wedbush increased their price target on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Finally, DA Davidson reiterated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, June 22nd. Five equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $79.50.

Insider Transactions at Best Buy

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

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.