Davidson Capital Management Inc. Purchases New Position in Best Buy Co., Inc. $BBY

Davidson Capital Management Inc. purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 81,349 shares of the technology retailer’s stock, valued at approximately $7,178,000. Best Buy comprises about 1.2% of Davidson Capital Management Inc.’s investment portfolio, making the stock its 18th biggest position.

A number of other institutional investors have also added to or reduced their stakes in the stock. Barlow Wealth Partners LLC acquired a new stake in Best Buy in the third quarter valued at approximately $24,196,000. State of Alaska Department of Revenue grew its stake in shares of Best Buy by 52.4% during the third quarter. State of Alaska Department of Revenue now owns 127,454 shares of the technology retailer’s stock worth $10,328,000 after buying an additional 43,837 shares during the last quarter. WealthPlan Investment Management LLC bought a new stake in shares of Best Buy during the third quarter worth $267,000. B.A. Schrock Wealth Management Inc. bought a new stake in shares of Best Buy during the third quarter worth $2,064,000. Finally, Ashurst Perkins Coie Trust Co increased its holdings in shares of Best Buy by 75.1% during the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock worth $35,000 after buying an additional 169 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction 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 transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard Schulze sold 300,000 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was 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. 0.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on BBY shares. Telsey Advisory Group increased their price target on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Evercore boosted their price objective on Best Buy from $85.00 to $90.00 in a research report on Tuesday, September 29th. Guggenheim boosted their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Finally, UBS Group reiterated a “neutral” rating and issued a $90.00 target price (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Best Buy has a consensus rating of “Hold” and an average price target of $85.65.

Best Buy Stock Up 5.6%

NYSE:BBY opened at $94.08 on Friday. The firm’s 50 day simple moving average is $87.96 and its 200 day simple moving average is $77.38. 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 Co., Inc. has a one year low of $55.10 and a one year high of $96.53. The company has a market cap of $19.73 billion, a PE ratio of 15.65, a P/E/G ratio of 2.23 and a beta of 1.26.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same period in the previous year, the firm posted $1.28 EPS. The company’s revenue for the quarter 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, research analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

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

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.