Best Buy Co., Inc. $BBY Stock: Signaturefd LLC Grows Holdings

Signaturefd LLC increased its position in Best Buy Co., Inc. (NYSE:BBY) by 337.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,641 shares of the technology retailer’s stock after buying an additional 7,438 shares during the period. Signaturefd LLC’s holdings in Best Buy were worth $851,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. B.A. Schrock Wealth Management Inc. bought a new stake in Best Buy in the third quarter worth $2,064,000. Corient Private Wealth LP acquired a new position in Best Buy during the second quarter worth $18,648,000. Munich Reinsurance Co Stock Corp in Munich increased its position in Best Buy by 80.0% during the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer’s stock worth $7,016,000 after buying an additional 41,092 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Best Buy during the second quarter valued at about $2,734,000. Finally, BlackRock Inc. bought a new position in Best Buy during the second quarter valued at about $1,932,812,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the firm’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 value of $10,695,113.30. Following the sale, the executive vice president owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This trade represents a 49.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 300,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 16th. The stock was 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. 0.50% of the stock is currently owned by insiders.

Best Buy Stock Performance

Shares of BBY opened at $96.86 on Thursday. The company has a market capitalization of $20.32 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 2.50 and a beta of 1.26. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $100.58. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The company’s fifty day moving average price is $89.95 and its 200 day moving average price is $75.04.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s payout ratio is currently 63.89%.

Analysts Set New Price Targets

BBY has been the subject of several recent analyst reports. DA Davidson upgraded Best Buy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 24th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. Morgan Stanley raised their price objective on Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, August 28th. Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and reduced their target price for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. Finally, Citigroup boosted their target price on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $86.15.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.