Tectonic Advisors LLC Purchases 10,995 Shares of Best Buy Co., Inc. $BBY

Tectonic Advisors LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, HoldingsChannel reports. The fund acquired 10,995 shares of the technology retailer’s stock, valued at approximately $970,000.

Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Best Buy in the 2nd quarter valued at about $1,932,812,000. Bank of New York Mellon Corp bought a new position in Best Buy during the second quarter worth about $174,893,000. Deutsche Bank AG bought a new position in Best Buy during the second quarter worth about $116,003,000. Legal & General Group Plc bought a new position in Best Buy during the second quarter worth about $83,427,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Best Buy in the second quarter worth about $79,627,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the subject of several recent research reports. Barclays lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. The Goldman Sachs Group upped their price target on shares of Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research note on Friday, August 28th. Bank of America assumed coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price objective for the company. Truist Financial set a $100.00 price objective on shares of Best Buy in a research note on Thursday, August 27th. Finally, UBS Group reiterated a “neutral” rating and issued a $90.00 price objective (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $85.90.

Best Buy Stock Up 0.0%

Shares of NYSE BBY opened at $99.85 on Friday. 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 market cap of $20.94 billion, a P/E ratio of 16.61, a P/E/G ratio of 2.50 and a beta of 1.26. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $100.58. The business has a 50-day simple moving average of $89.34 and a two-hundred day simple moving average of $78.59.

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

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors 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 yield of 3.8%. Best Buy’s payout ratio is currently 63.89%.

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is currently owned by insiders.

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.