Investment Planning Advisors Inc. Purchases 18,653 Shares of Best Buy Co., Inc. $BBY

Investment Planning Advisors Inc. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, HoldingsChannel reports. The firm acquired 18,653 shares of the technology retailer’s stock, valued at approximately $1,646,000. Best Buy makes up about 0.4% of Investment Planning Advisors Inc.’s holdings, making the stock its 29th largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tema ETFs LLC boosted 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 buying an additional 145 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its holdings 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 buying an additional 151 shares in the last quarter. Center for Financial Planning Inc. raised its holdings in shares of Best Buy by 4.9% in the first quarter. Center for Financial Planning Inc. now owns 4,319 shares of the technology retailer’s stock valued at $277,000 after purchasing an additional 200 shares during the last quarter. Avory & Company LLC lifted its position in shares of Best Buy by 6.4% during the 4th quarter. Avory & Company LLC now owns 3,479 shares of the technology retailer’s stock worth $233,000 after buying an additional 210 shares in the last quarter. Finally, Rockland Trust Co. boosted its position in Best Buy by 3.2% in the third quarter. Rockland Trust Co. now owns 6,820 shares of the technology retailer’s stock worth $602,000 after purchasing an additional 212 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction on 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 directly owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was 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. Corporate insiders own 0.50% of the company’s stock.

Best Buy Price Performance

NYSE BBY traded down $0.27 during trading hours on Wednesday, hitting $87.69. The company had a trading volume of 597,747 shares, compared to its average volume of 4,139,144. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $96.53. The firm has a 50 day simple moving average of $87.59 and a 200 day simple moving average of $76.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The firm has a market capitalization of $18.39 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 2.17 and a beta of 1.26.

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. Equities research analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current 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 4.4%. Best Buy’s payout ratio is currently 63.89%.

Analyst Ratings Changes

Several brokerages have recently issued reports on BBY. DA Davidson upgraded shares of Best Buy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 24th. Weiss Ratings raised Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and lowered their target price for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Loop Capital lowered Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective for the company. in a report on Monday, July 13th. Finally, Evercore boosted their price objective on Best Buy from $85.00 to $90.00 in a research note on Tuesday, September 29th. One investment 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 given a Sell rating to the company. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Hold” and a consensus price target of $85.65.

Best Buy Company Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.