Ethic Inc. Buys 31,952 Shares of Best Buy Co., Inc. $BBY

Ethic Inc. raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 213.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 46,940 shares of the technology retailer’s stock after buying an additional 31,952 shares during the period. Ethic Inc.’s holdings in Best Buy were worth $4,142,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BBY. Wells Fargo & Company upped 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, November 6th. Telsey Advisory Group raised their target price on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. 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. Guggenheim lifted their target price on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Finally, Evercore set a $100.00 price target on Best Buy in a research note on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $87.35.

Best Buy Stock Performance

Shares of BBY stock opened at $104.13 on Wednesday. The firm’s 50 day moving average price is $92.52 and its 200-day moving average price is $76.48. 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 $106.83. The firm has a market cap of $21.84 billion, a P/E ratio of 17.33, a P/E/G ratio of 2.66 and a beta of 1.20.

Best Buy (NYSE:BBY) last posted 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. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter last year, the company posted $1.28 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.

Best Buy News Summary

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy’s fresh 52-week high reflects strong recent momentum. One analysis considers whether the stock has room to rise further, while other coverage points to future cash flow and valuation measures as reasons it may still be undervalued. Best Buy hits a fresh high Best Buy stock looks cheap based on future cash flow Is Best Buy undervalued?
• Positive Sentiment: Fresh analyst support and attention to BBY’s value appeal may help reinforce buying interest. Separate coverage also presents Best Buy as a potential dividend-stock candidate. Best Buy gets fresh analyst support Why Best Buy may be a dividend stock
• Neutral Sentiment: Two reports say Best Buy price targets were raised to $95 and $102. The increases signal improved analyst expectations, but both targets are below the recent share price, potentially limiting near-term upside according to those estimates. Price target raised to $95 Price target raised to $102

Insider Buying and Selling at Best Buy

In other news, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction 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 sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company 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.