Best Buy Co., Inc. $BBY Shares Purchased by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 39.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,334 shares of the technology retailer’s stock after purchasing an additional 8,268 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Best Buy were worth $1,969,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of BBY. Janney Montgomery Scott LLC raised its stake in shares of Best Buy by 3.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 17,211 shares of the technology retailer’s stock valued at $1,267,000 after purchasing an additional 541 shares in the last quarter. Kentucky Retirement Systems raised its stake in shares of Best Buy by 7.8% in the 1st quarter. Kentucky Retirement Systems now owns 14,541 shares of the technology retailer’s stock valued at $1,070,000 after purchasing an additional 1,051 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Best Buy by 4.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 81,835 shares of the technology retailer’s stock valued at $6,024,000 after purchasing an additional 3,280 shares in the last quarter. Community Financial Services Group LLC raised its stake in shares of Best Buy by 2.7% in the 1st quarter. Community Financial Services Group LLC now owns 14,924 shares of the technology retailer’s stock valued at $1,099,000 after purchasing an additional 386 shares in the last quarter. Finally, Moran Wealth Management LLC raised its stake in shares of Best Buy by 10.6% in the 1st quarter. Moran Wealth Management LLC now owns 89,218 shares of the technology retailer’s stock valued at $6,567,000 after purchasing an additional 8,534 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 2.1%

Best Buy stock opened at $82.70 on Wednesday. The firm has a 50 day simple moving average of $75.27 and a 200-day simple moving average of $70.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The stock has a market capitalization of $17.38 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 2.13 and a beta of 1.23. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $95.49.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the business earned $1.34 earnings per share. The business’s quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were paid a dividend of $0.95 per share. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 annualized dividend and a yield of 4.6%. Best Buy’s dividend payout ratio is currently 104.97%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,018 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer directly owned 20,132 shares of the company’s stock, valued at $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,833 shares of company stock valued at $14,941,472. Company insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Argus reaffirmed a “hold” rating on shares of Best Buy in a research report on Tuesday, September 16th. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. Barclays reaffirmed an “equal weight” rating and set a $74.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Finally, Bank of America decreased their target price on shares of Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a research report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $81.69.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.