Strategy Asset Managers LLC Buys 5,610 Shares of Best Buy Co., Inc. $BBY

Strategy Asset Managers LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 5,610 shares of the technology retailer’s stock, valued at approximately $495,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of BBY. Triumph Capital Management boosted its holdings in shares of Best Buy by 167.7% during the 3rd quarter. Triumph Capital Management now owns 937 shares of the technology retailer’s stock valued at $83,000 after purchasing an additional 587 shares during the last quarter. Mitchell & Pahl Private Wealth LLC purchased a new position in shares of Best Buy during the third quarter valued at about $2,075,000. Investment Planning Advisors Inc. purchased a new position in shares of Best Buy during the third quarter valued at about $1,646,000. Three Magnolias Financial Advisors LLC purchased a new position in shares of Best Buy during the third quarter valued at about $279,000. Finally, ABLE Financial Group LLC purchased a new position in shares of Best Buy during the third quarter valued at about $299,000. 80.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BBY shares. Morgan Stanley lifted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, August 28th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. The Goldman Sachs Group raised their price target on Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a report on Friday, August 28th. Wells Fargo & Company raised their price target on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Finally, Weiss Ratings raised Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $85.65.

Best Buy Price Performance

BBY stock opened at $94.08 on Friday. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $96.53. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $87.96 and a two-hundred day simple moving average of $77.38. The firm has a market capitalization of $19.73 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 2.23 and a beta of 1.26.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS 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 business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. During the same period last year, the company posted $1.28 EPS. The business’s revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

Insider Activity

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company’s stock.

Best Buy 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.