International Assets Investment Management LLC Acquires New Position in Best Buy Co., Inc. $BBY

International Assets Investment Management LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,320 shares of the technology retailer’s stock, valued at approximately $822,000.

Other large investors have also recently modified their holdings of the company. B.A. Schrock Wealth Management Inc. acquired a new position in Best Buy during the third quarter worth about $2,064,000. Corient Private Wealth LP bought a new position in shares of Best Buy in the second quarter worth about $18,648,000. Munich Reinsurance Co Stock Corp in Munich lifted its holdings in shares of Best Buy by 80.0% in the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer’s stock worth $7,016,000 after acquiring an additional 41,092 shares during the last quarter. Yousif Capital Management LLC boosted its stake 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 purchasing an additional 35,684 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Best Buy in the 2nd quarter valued at approximately $2,734,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BBY shares. Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and decreased their price target for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. Truist Financial set a $100.00 price objective on shares of Best Buy in a research note on Thursday, August 27th. Evercore set a $100.00 target price on shares of Best Buy in a research report on Tuesday, October 27th. Weiss Ratings cut shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 27th. Finally, Guggenheim boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $87.35.

Best Buy Price Performance

Best Buy stock opened at $106.36 on Tuesday. The stock has a 50-day moving average price of $92.05 and a two-hundred day moving average price of $76.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $106.83. The company has a market capitalization of $22.31 billion, a PE ratio of 17.70, a P/E/G 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 (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping 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 company had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. During the same period in the previous year, the business posted $1.28 earnings per share. The business’s quarterly 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. Analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s payout ratio is presently 63.89%.

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were 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 directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.50% of the company’s stock.

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.