Best Buy Co., Inc. $BBY Stock: Eurizon Capital SGR S.p.A. Lowers Stake

Eurizon Capital SGR S.p.A. cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 16.6% in the third quarter, HoldingsChannel reports. The firm owned 479,597 shares of the technology retailer’s stock after selling 95,704 shares during the quarter. Eurizon Capital SGR S.p.A.’s holdings in Best Buy were worth $41,919,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Best Buy during the second quarter valued at $1,932,812,000. Bank of New York Mellon Corp purchased a new position in shares of Best Buy in the 2nd quarter worth $174,893,000. KBC Group NV grew its stake in shares of Best Buy by 50.5% in the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after buying an additional 531,998 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Best Buy in the 2nd quarter worth about $116,003,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Best Buy by 113.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after buying an additional 770,339 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Up 0.6%

Shares of BBY opened at $104.00 on Friday. The company’s fifty day simple moving average is $93.64 and its 200-day simple moving average is $77.05. The company has a market cap of $21.81 billion, a P/E ratio of 15.30, a P/E/G ratio of 2.58 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $106.83.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Thursday, September 17th. Best Buy’s payout ratio is 63.89%.

Insider Activity at Best Buy

In other news, Chairman Richard Schulze sold 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on 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 owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on BBY. DA Davidson raised shares of Best Buy from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 24th. Wedbush reiterated a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. Citigroup boosted their price objective on Best Buy from $88.00 to $102.00 and gave the stock a “neutral” rating in a research note on Friday, November 6th. Bank of America began coverage on Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price objective on the stock. Finally, Guggenheim raised their price objective on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Best Buy presently has an average rating of “Hold” and an average target price of $87.33.

Best Buy Profile

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.