Best Buy Co., Inc. $BBY Shares Bought by Cetera Investment Advisers

Cetera Investment Advisers raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,318 shares of the technology retailer’s stock after buying an additional 8,572 shares during the quarter. Cetera Investment Advisers owned about 0.06% of Best Buy worth $7,853,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. First Trust Advisors LP raised its holdings in Best Buy by 53.1% in the 1st quarter. First Trust Advisors LP now owns 905,844 shares of the technology retailer’s stock valued at $58,155,000 after acquiring an additional 314,046 shares during the last quarter. CacheTech Inc. boosted its holdings in shares of Best Buy by 39.8% during the 1st quarter. CacheTech Inc. now owns 4,731 shares of the technology retailer’s stock worth $304,000 after purchasing an additional 1,348 shares during the last quarter. Oslo Pensjonsforsikring AS acquired a new position in shares of Best Buy during the 1st quarter worth approximately $355,000. Johnson Financial Group Inc. grew its position in shares of Best Buy by 12.3% in the first quarter. Johnson Financial Group Inc. now owns 26,071 shares of the technology retailer’s stock valued at $1,699,000 after purchasing an additional 2,863 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in shares of Best Buy by 40.6% in the first quarter. Parallel Advisors LLC now owns 3,968 shares of the technology retailer’s stock valued at $255,000 after purchasing an additional 1,146 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $86.19 on Friday. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The stock’s fifty day moving average is $78.41 and its two-hundred day moving average is $68.81. The company has a market capitalization of $18.17 billion, a P/E ratio of 15.96, a P/E/G ratio of 2.34 and a beta of 1.30. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last released its quarterly 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 business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on BBY. JPMorgan Chase & Co. lifted their price objective on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Truist Financial upped their target price on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a report on Friday, May 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. BNP Paribas Exane lifted their price target on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Weiss Ratings raised shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Best Buy has a consensus rating of “Hold” and a consensus price target of $79.50.

About Best Buy

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.