Strategy Asset Managers LLC Buys New Position in Best Buy Co., Inc. $BBY

Strategy Asset Managers LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,610 shares of the technology retailer’s stock, valued at approximately $495,000.

Other institutional investors have also added to or reduced their stakes in the company. Tema ETFs LLC boosted its stake in shares of Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after acquiring an additional 145 shares during the last quarter. B. Metzler seel. Sohn & Co. AG grew its position in shares of Best Buy by 1.0% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock valued at $1,109,000 after acquiring an additional 151 shares during the period. Center for Financial Planning Inc. increased its stake in shares of Best Buy by 4.9% in the 1st quarter. Center for Financial Planning Inc. now owns 4,319 shares of the technology retailer’s stock worth $277,000 after purchasing an additional 200 shares in the last quarter. Avory & Company LLC increased its stake in shares of Best Buy by 6.4% in the 4th quarter. Avory & Company LLC now owns 3,479 shares of the technology retailer’s stock worth $233,000 after purchasing an additional 210 shares in the last quarter. Finally, Rockland Trust Co. increased its stake in shares of Best Buy by 3.2% in the 3rd quarter. Rockland Trust Co. now owns 6,820 shares of the technology retailer’s stock worth $602,000 after purchasing an additional 212 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In related 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the sale, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. This trade represents a 49.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.50% of the company’s stock.

Best Buy Stock Up 5.6%

BBY opened at $94.08 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $96.53. The firm’s fifty day moving average is $87.96 and its 200 day moving average is $77.38. The stock has a market cap of $19.73 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 2.23 and a beta of 1.26.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share 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 the consensus estimate of $9.59 billion. During the same quarter in the prior year, the firm posted $1.28 EPS. Best Buy’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, sell-side analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Thursday, September 17th. Best Buy’s payout ratio is presently 63.89%.

Analysts Set New Price Targets

A number of equities analysts recently commented on BBY shares. Telsey Advisory Group raised their target price on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Bank of America assumed coverage on Best Buy in a report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target for the company. Wells Fargo & Company boosted their price target on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Morgan Stanley upped their price target on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $85.65.

Best Buy Company Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.