Nemes Rush Group LLC Trims Stake in Best Buy Co., Inc. $BBY

Nemes Rush Group LLC cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 94.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,252 shares of the technology retailer’s stock after selling 20,959 shares during the period. Nemes Rush Group LLC’s holdings in Best Buy were worth $95,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BBY. Van ECK Associates Corp increased its stake in shares of Best Buy by 1.3% in the 3rd quarter. Van ECK Associates Corp now owns 108,221 shares of the technology retailer’s stock worth $8,184,000 after purchasing an additional 1,430 shares in the last quarter. Ceredex Value Advisors LLC purchased a new position in Best Buy during the third quarter valued at $12,666,000. Legal & General Group Plc lifted its position in Best Buy by 0.3% during the third quarter. Legal & General Group Plc now owns 1,661,024 shares of the technology retailer’s stock valued at $125,607,000 after purchasing an additional 5,130 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Best Buy during the third quarter valued at about $10,080,000. Finally, Russell Investments Group Ltd. increased its position in Best Buy by 53.9% in the third quarter. Russell Investments Group Ltd. now owns 302,500 shares of the technology retailer’s stock worth $22,876,000 after buying an additional 105,999 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BBY. Evercore reaffirmed a “buy” rating and set a $75.00 price objective on shares of Best Buy in a research report on Wednesday, March 4th. Wells Fargo & Company reduced their target price on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday, February 18th. Jefferies Financial Group decreased their target price on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Daiwa Securities Group lowered their price target on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a report on Thursday, March 5th. Finally, JPMorgan Chase & Co. lowered shares of Best Buy from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $99.00 to $76.00 in a research report on Monday, February 2nd. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $76.20.

Best Buy Stock Performance

NYSE BBY opened at $63.19 on Thursday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $84.99. The business has a 50-day moving average price of $66.46 and a 200-day moving average price of $72.58. The firm has a market cap of $13.21 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 1.60 and a beta of 1.46.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. During the same quarter last year, the company earned $2.58 EPS. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be given a dividend of $0.96 per share. The ex-dividend date is Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a dividend yield of 6.1%. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.