Wealthfront Advisers LLC Acquires New Holdings in Best Buy Co., Inc. $BBY

Wealthfront Advisers LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the second quarter, Holdings Channel.com reports. The firm bought 9,634 shares of the technology retailer’s stock, valued at approximately $731,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Foster & Motley Inc. acquired a new stake in shares of Best Buy in the second quarter valued at approximately $1,962,000. Meeder Asset Management Inc. acquired a new position in shares of Best Buy during the second quarter worth approximately $1,224,000. Citizens Financial Group Inc. RI acquired a new position in shares of Best Buy during the second quarter worth approximately $285,000. BlackRock Inc. bought a new position in Best Buy in the 2nd quarter worth approximately $1,932,812,000. Finally, Pallas Capital Advisors LLC bought a new position in Best Buy in the 2nd quarter worth approximately $214,000. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BBY. Weiss Ratings raised Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Wells Fargo & Company increased their price target on Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. DA Davidson reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Monday, June 22nd. Guggenheim reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Friday, May 29th. Finally, Bank of America initiated coverage on shares of Best Buy in a research note on Monday, August 3rd. They set an “underperform” rating and a $80.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $83.10.

Insider Activity

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

Best Buy Stock Performance

Shares of NYSE BBY opened at $86.07 on Friday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The firm has a market cap of $18.14 billion, a P/E ratio of 15.94, a PEG ratio of 2.47 and a beta of 1.29. The stock has a fifty day moving average price of $82.15 and a two-hundred day moving average price of $70.72. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s payout ratio is presently 71.11%.

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.