Best Buy Co., Inc. $BBY Stake Boosted by Sterling Capital Management LLC

Sterling Capital Management LLC lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 380.1% during the third quarter, HoldingsChannel reports. The fund owned 43,890 shares of the technology retailer’s stock after purchasing an additional 34,749 shares during the quarter. Sterling Capital Management LLC’s holdings in Best Buy were worth $3,744,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Clark Wealth Partners purchased a new stake in shares of Best Buy during the third quarter worth $29,000. Ashurst Perkins Coie Trust Co boosted its position in Best Buy by 75.1% during the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after purchasing an additional 169 shares during the last quarter. Aberdeen Wealth Management LLC acquired a new stake in Best Buy during the second quarter valued at $38,000. Physician Wealth Advisors Inc. grew its stake in Best Buy by 582.4% in the third quarter. Physician Wealth Advisors Inc. now owns 621 shares of the technology retailer’s stock valued at $55,000 after purchasing an additional 530 shares in the last quarter. Finally, Elevation Wealth Partners LLC grew its stake in Best Buy by 2,120.7% in the second quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer’s stock valued at $49,000 after purchasing an additional 615 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the company’s 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 sale, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The SEC filing for this sale provides additional information. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BBY. Piper Sandler upped their target price on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. UBS Group reiterated a “neutral” rating and set a $90.00 price target (up from $86.00) on shares of Best Buy in a report on Friday, August 28th. Wells Fargo & Company boosted their price target on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Guggenheim boosted their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Citigroup increased their price objective on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $85.90.

Best Buy Trading Up 0.0%

Shares of BBY stock opened at $99.85 on Friday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $100.58. The company has a market cap of $20.94 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 2.50 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. The business’s 50 day moving average is $89.34 and its two-hundred day moving average is $78.59.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.8%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is 63.89%.

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.