Nemes Rush Group LLC Sells 20,959 Shares of Best Buy Co., Inc. $BBY

Nemes Rush Group LLC lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 94.4% during the 3rd quarter, Holdings Channel reports. The firm owned 1,252 shares of the technology retailer’s stock after selling 20,959 shares during the quarter. Nemes Rush Group LLC’s holdings in Best Buy were worth $95,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Woodline Partners LP grew its position in shares of Best Buy by 40.1% during the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Savant Capital LLC lifted its position in shares of Best Buy by 8.9% in the second quarter. Savant Capital LLC now owns 28,732 shares of the technology retailer’s stock worth $1,929,000 after buying an additional 2,343 shares in the last quarter. Prospera Financial Services Inc bought a new position in Best Buy during the second quarter valued at approximately $917,000. Parkside Financial Bank & Trust boosted its stake in Best Buy by 131.5% during the second quarter. Parkside Financial Bank & Trust now owns 903 shares of the technology retailer’s stock valued at $61,000 after buying an additional 513 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Best Buy during the 2nd quarter valued at approximately $292,000. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BBY shares. Piper Sandler reaffirmed a “buy” rating on shares of Best Buy in a research note on Wednesday, March 4th. Wedbush lowered their target price on Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Tuesday, February 24th. JPMorgan Chase & Co. lowered shares of Best Buy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $99.00 to $76.00 in a report on Monday, February 2nd. Wells Fargo & Company reduced their price target on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 18th. Finally, Telsey Advisory Group decreased their price target on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $76.20.

Best Buy Price Performance

NYSE:BBY opened at $63.19 on Thursday. The firm has a market capitalization of $13.21 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.60 and a beta of 1.46. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $84.99. The business has a 50 day simple moving average of $66.46 and a 200-day simple moving average of $72.58. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. During the same quarter in the previous year, the company posted $2.58 EPS. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 6.1%. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

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.