Foster & Motley Inc. Purchases New Stake in Best Buy Co., Inc. $BBY

Foster & Motley Inc. purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 25,851 shares of the technology retailer’s stock, valued at approximately $1,962,000.

Several other institutional investors have also recently bought and sold shares of BBY. Torren Management LLC bought a new position in shares of Best Buy in the fourth quarter valued at $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy in the fourth quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the third quarter worth approximately $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy in the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its holdings in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by insiders.

Best Buy Trading Up 2.2%

Shares of BBY opened at $87.33 on Wednesday. The business has a 50-day moving average of $81.57 and a 200 day moving average of $70.30. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The firm has a market cap of $18.41 billion, a P/E ratio of 16.17, a price-to-earnings-growth ratio of 2.49 and a beta of 1.29. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.4%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BBY. Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a report on Monday, July 13th. 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 target price for the company. Citigroup raised their price target on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Wedbush boosted their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $77.00 price objective on shares of Best Buy in a research report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $82.70.

Best Buy 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.