10,550 Shares in Best Buy Co., Inc. $BBY Purchased by MBL Wealth LLC

MBL Wealth LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 10,550 shares of the technology retailer’s stock, valued at approximately $931,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Best Buy in the 2nd quarter valued at $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in Best Buy during the 2nd quarter worth $174,893,000. KBC Group NV boosted its stake in Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after purchasing an additional 531,998 shares during the last quarter. Deutsche Bank AG acquired a new stake in Best Buy during the 2nd quarter worth $116,003,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Best Buy by 113.4% during the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after buying an additional 770,339 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, 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 transaction of $27,753,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the sale, the executive vice president owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.50% of the company’s stock.

Best Buy Stock Performance

Shares of Best Buy stock opened at $99.85 on Friday. The business’s 50 day moving average price is $89.34 and its 200 day moving average price is $78.59. The company has a market cap of $20.94 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 2.49 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $100.58.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given 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 dividend yield of 3.8%. Best Buy’s payout ratio is presently 63.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wedbush reiterated a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. Bank of America assumed coverage on shares of Best Buy in a research note on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target on the stock. Barclays boosted their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. The Goldman Sachs Group upped their price objective on shares of Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research note on Friday, August 28th. Finally, Piper Sandler upped their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus 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.