Means Investment CO. Inc. Makes New Investment in Best Buy Co., Inc. $BBY

Means Investment CO. Inc. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, Holdings Channel.com reports. The firm purchased 126,499 shares of the technology retailer’s stock, valued at approximately $11,162,000. Best Buy makes up about 0.8% of Means Investment CO. Inc.’s investment portfolio, making the stock its 23rd largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Best Buy in the 2nd quarter valued at about $1,932,812,000. Bank of New York Mellon Corp purchased a new stake in Best Buy during the second quarter worth approximately $174,893,000. Deutsche Bank AG purchased a new stake in Best Buy during the second quarter worth approximately $116,003,000. KBC Group NV boosted its holdings in Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after purchasing an additional 531,998 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Best Buy by 113.4% in the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock valued at $93,054,000 after purchasing an additional 770,339 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BBY has been the topic of several recent analyst reports. Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. Telsey Advisory Group upped their target price on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Barclays increased their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, August 28th. The Goldman Sachs Group increased their target price on shares of Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research report on Friday, August 28th. Finally, Guggenheim lifted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average target price of $87.35.

Insider Activity

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $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 accessible through this link. Also, Chairman Richard Schulze sold 300,000 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were 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 corporate insiders.

Best Buy Trading Down 0.0%

BBY opened at $99.58 on Monday. The firm has a market cap of $20.89 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 2.49 and a beta of 1.20. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $103.54. The business’s 50 day moving average is $91.57 and its two-hundred day moving average is $76.10. 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 (NYSE:BBY) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping 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 for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, research analysts predict 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 paid a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 3.9%. Best Buy’s dividend payout ratio is currently 63.89%.

Best Buy Company Profile

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.