Saudi Central Bank Increases Holdings in Best Buy Co., Inc. $BBY

Saudi Central Bank boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 89.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,906 shares of the technology retailer’s stock after buying an additional 6,559 shares during the period. Saudi Central Bank’s holdings in Best Buy were worth $1,055,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Tema ETFs LLC raised its holdings in shares of Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after acquiring an additional 145 shares during the period. Krane Funds Advisors LLC grew its holdings in shares of Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares during the period. B. Metzler seel. Sohn & Co. AG increased its position in Best Buy by 1.0% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock worth $1,109,000 after purchasing an additional 151 shares during the last quarter. Applied Finance Capital Management LLC increased its position in Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after purchasing an additional 157 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Best Buy by 6.2% during the fourth quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock worth $211,000 after purchasing an additional 185 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, May 29th. DA Davidson reaffirmed a “neutral” rating and set a $95.00 price target on shares of Best Buy in a research report on Tuesday. Evercore upped their price objective on Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. BNP Paribas Exane increased their price objective on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Weiss Ratings raised Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $85.40.

Insider Transactions at Best Buy

In other news, Chairman Richard Schulze sold 224,705 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 500,000 shares of company stock worth $39,065,226. 0.50% of the stock is owned by insiders.

Best Buy Stock Down 1.5%

Shares of Best Buy stock opened at $88.01 on Thursday. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26. The company has a market capitalization of $18.46 billion, a P/E ratio of 14.64, a P/E/G ratio of 2.23 and a beta of 1.28. The company has a 50 day moving average of $84.77 and a 200 day moving average of $72.52.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a $0.96 dividend. The ex-dividend date is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.4%. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Best Buy Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.