Best Buy Co., Inc. $BBY Stock Position Boosted by Corient Private Wealth LP

Corient Private Wealth LP raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 33.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 239,382 shares of the technology retailer’s stock after buying an additional 59,376 shares during the period. Corient Private Wealth LP’s holdings in Best Buy were worth $18,165,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. HighTower Advisors LLC boosted its stake in Best Buy by 250.6% during the 4th quarter. HighTower Advisors LLC now owns 101,292 shares of the technology retailer’s stock valued at $6,779,000 after purchasing an additional 72,398 shares in the last quarter. North Dakota State Investment Board bought a new stake in shares of Best Buy in the 4th quarter worth $1,958,000. Genus Capital Management Inc. bought a new stake in shares of Best Buy in the 4th quarter worth $1,656,000. Meeder Asset Management Inc. acquired a new stake in shares of Best Buy in the second quarter valued at $1,224,000. Finally, Hsbc Holdings PLC boosted its stake in Best Buy by 104.1% during the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after buying an additional 1,030,544 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by insiders.

Best Buy Stock Up 4.4%

Shares of Best Buy stock opened at $94.81 on Tuesday. The stock’s fifty day moving average is $85.58 and its 200-day moving average is $73.12. The firm has a market capitalization of $19.88 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 2.27 and a beta of 1.28. 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 12-month low of $55.10 and a 12-month high of $94.92.

Best Buy (NYSE:BBY) last announced 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 return on equity of 48.14% and a net margin of 3.01%.The business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the prior year, the business posted $1.28 earnings per share. Best Buy’s 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. Equities analysts anticipate that Best Buy Co., Inc. will post 6.82 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.1%. Best Buy’s dividend payout ratio is currently 63.89%.

Analyst Ratings Changes

A number of research firms recently issued reports on BBY. Loop Capital lowered Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a report on Monday, July 13th. Evercore upped their price target on shares of Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Bank of America initiated coverage on shares of Best Buy in a research note on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $85.40.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.