Best Buy Co., Inc. $BBY Stock Bought by New York Life Investment Management LLC

New York Life Investment Management LLC boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 70.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 89,929 shares of the technology retailer’s stock after purchasing an additional 37,088 shares during the period. New York Life Investment Management LLC’s holdings in Best Buy were worth $7,220,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Asset Dedication LLC acquired a new stake in shares of Best Buy in the third quarter valued at approximately $27,000. Clark Wealth Partners bought a new stake in Best Buy in the 3rd quarter valued at $29,000. Entrust Financial LLC bought a new stake in Best Buy in the 3rd quarter valued at $31,000. Ashurst Perkins Coie Trust Co raised its stake in Best Buy by 75.1% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after acquiring an additional 169 shares during the period. Finally, Aberdeen Wealth Management LLC acquired a new stake in Best Buy during the 2nd quarter valued at $38,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY opened at $103.44 on Friday. The business has a fifty day simple moving average of $93.30 and a 200 day simple moving average of $76.86. The company has a market capitalization of $21.69 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 2.63 and a beta of 1.20. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $106.83. 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 (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. The company had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Insider Transactions at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president owned 116,173 shares of the company’s stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the stock in a transaction that occurred 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 company insiders.

Analysts Set New Price Targets

BBY has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Weiss Ratings lowered shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 27th. Wells Fargo & Company raised their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 6th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. Finally, Guggenheim lifted their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $87.33.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.