Tectonic Advisors LLC Purchases 10,995 Shares of Best Buy Co., Inc. $BBY

Tectonic Advisors LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,995 shares of the technology retailer’s stock, valued at approximately $970,000.

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

Insider Activity

In other news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The SEC filing for this sale provides additional information. Insiders own 0.50% of the company’s stock.

Best Buy Trading Up 0.0%

Shares of Best Buy stock opened at $99.85 on Friday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $100.58. The firm has a market cap of $20.94 billion, a PE ratio of 16.61, a P/E/G ratio of 2.50 and a beta of 1.26. The stock has a fifty day moving average price of $89.34 and a 200-day moving average price of $78.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41.

Best Buy (NYSE:BBY) last released its 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 company had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business’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 business posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities research 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. Investors of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is 63.89%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. UBS Group restated a “neutral” rating and set a $90.00 price target (up from $86.00) on shares of Best Buy in a report on Friday, August 28th. Bank of America initiated coverage on shares of Best Buy in a research note on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price objective for the company. Wedbush reiterated a “buy” rating on shares of Best Buy in a research note on Monday, August 24th. Piper Sandler lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. Finally, Morgan Stanley boosted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus target price of $85.90.

Best Buy Company Profile

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.