Meeder Asset Management Inc. Buys Shares of 16,134 Best Buy Co., Inc. $BBY

Meeder Asset Management Inc. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 16,134 shares of the technology retailer’s stock, valued at approximately $1,224,000.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Best Buy during the 2nd quarter worth about $1,932,812,000. Vanguard Group Inc. boosted its position in Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after purchasing an additional 307,905 shares during the period. AQR Capital Management LLC raised its position in shares of Best Buy by 30.9% in the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock valued at $613,001,000 after purchasing an additional 2,160,968 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Best Buy by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after buying an additional 160,713 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Best Buy by 6.1% in the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after buying an additional 271,988 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BBY has been the subject of a number of research analyst reports. The Goldman Sachs Group boosted their target price on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. Morgan Stanley raised their price target on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. DA Davidson reissued a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, June 22nd. Bank of America started coverage on Best Buy in a research note on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price for the company. Finally, Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $82.70.

Best Buy Stock Up 2.2%

BBY stock opened at $87.33 on Wednesday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The company has a market cap of $18.41 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 2.49 and a beta of 1.29. The business’s 50-day simple moving average is $81.57 and its 200 day simple moving average is $70.30.

Best Buy (NYSE:BBY) last posted its quarterly 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. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the prior year, the firm posted $1.15 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s payout ratio is 71.11%.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the transaction, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. Corporate insiders own 0.50% of the company’s stock.

Best Buy Company Profile

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.