Eagle Rock Investment Company LLC Makes New Investment in Best Buy Co., Inc. $BBY

Eagle Rock Investment Company LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, HoldingsChannel.com reports. The firm bought 143,996 shares of the technology retailer’s stock, valued at approximately $12,706,000. Best Buy comprises 1.5% of Eagle Rock Investment Company LLC’s holdings, making the stock its 21st largest holding.

Other institutional investors also recently modified their holdings of the company. B.A. Schrock Wealth Management Inc. bought a new stake in Best Buy in the 3rd quarter valued at about $2,064,000. Corient Private Wealth LP acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $18,648,000. Munich Reinsurance Co Stock Corp in Munich grew its position in shares of Best Buy by 80.0% during the 2nd quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer’s stock worth $7,016,000 after purchasing an additional 41,092 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Best Buy during the second quarter worth approximately $2,734,000. Finally, BlackRock Inc. bought a new position in shares of Best Buy during the second quarter worth approximately $1,932,812,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction that occurred 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 ownership of the stock. The sale 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 value of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.50% of the company’s stock.

Best Buy Trading Up 0.3%

BBY opened at $94.16 on Thursday. The stock has a market capitalization of $19.75 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 2.35 and a beta of 1.26. 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 Co., Inc. has a twelve month low of $55.10 and a twelve month high of $96.53. The company has a 50-day simple moving average of $88.79 and a 200 day simple moving average of $78.19.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same period last year, the firm earned $1.28 EPS. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.1%. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BBY shares. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Wedbush reissued a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. Truist Financial set a $100.00 price target on Best Buy in a research report on Thursday, August 27th. Citigroup raised their price objective on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Finally, Bank of America initiated coverage on Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $85.90.

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.