Brighton Jones LLC Acquires 20,834 Shares of Best Buy Co., Inc. $BBY

Brighton Jones LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 178.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,484 shares of the technology retailer’s stock after acquiring an additional 20,834 shares during the quarter. Brighton Jones LLC’s holdings in Best Buy were worth $2,866,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. B.A. Schrock Wealth Management Inc. acquired a new stake in shares of Best Buy during the third quarter worth $2,064,000. Corient Private Wealth LP purchased a new stake in shares of Best Buy during the second quarter valued at $18,648,000. Munich Reinsurance Co Stock Corp in Munich grew its holdings in shares of Best Buy by 80.0% during the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer’s stock valued at $7,016,000 after buying an additional 41,092 shares during the last quarter. Yousif Capital Management LLC increased its position in shares of Best Buy by 139.3% in the 3rd quarter. Yousif Capital Management LLC now owns 61,305 shares of the technology retailer’s stock valued at $5,410,000 after acquiring an additional 35,684 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Best Buy in the 2nd quarter valued at $2,734,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE BBY opened at $106.36 on Tuesday. The company has a 50 day simple moving average of $92.05 and a two-hundred day simple moving average of $76.30. The stock has a market cap of $22.31 billion, a price-to-earnings ratio of 17.70, a PEG ratio of 2.53 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 0.41 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 $106.83.

Best Buy (NYSE:BBY) last released 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 firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BBY. The Goldman Sachs Group raised their target price on Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a research note on Friday, August 28th. Morgan Stanley boosted their price target on Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, August 28th. Barclays boosted their price target on Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Wells Fargo & Company increased their price objective on Best Buy from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday. Finally, UBS Group restated a “neutral” rating and issued a $90.00 price objective (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $87.35.

Insider Activity

In other news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares of the company’s stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is currently owned by company insiders.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels.

The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada.

Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.