Manning & Napier Advisors LLC Makes New $706,000 Investment in Best Buy Co., Inc. $BBY

Manning & Napier Advisors LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,094 shares of the technology retailer’s stock, valued at approximately $706,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BBY. Palisade Asset Management LLC bought a new position in Best Buy during the third quarter valued at $25,000. MV Capital Management Inc. bought a new stake in shares of Best Buy in the 4th quarter worth about $25,000. Torren Management LLC purchased a new stake in shares of Best Buy during the 4th quarter valued at about $25,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter valued at about $29,000. Finally, Activest Wealth Management lifted its holdings in shares of Best Buy by 1,247.1% in the 4th quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 424 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the company’s 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the 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 completion of the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Daiwa Securities Group lifted their price target on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Bank of America started coverage on Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price objective on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Loop Capital cut Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price for the company. in a report on Monday, July 13th. Finally, The Goldman Sachs Group boosted their target price on Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $83.10.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $85.33 on Wednesday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26. The company has a market capitalization of $17.98 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 2.51 and a beta of 1.29. The firm’s 50-day moving average is $82.55 and its 200 day moving average is $71.03.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.58 EPS for the current year.

Best Buy Dividend Announcement

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

Best Buy 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.