Kornitzer Capital Management Inc. KS Makes New Investment in Best Buy Co., Inc. $BBY

Kornitzer Capital Management Inc. KS purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 12,938 shares of the technology retailer’s stock, valued at approximately $1,142,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Kintegral Advisory LLC lifted its stake in shares of Best Buy by 0.6% during the third quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer’s stock worth $2,100,000 after purchasing an additional 133 shares in the last quarter. Tema ETFs LLC grew its stake in shares of Best Buy by 6.5% in the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock valued at $179,000 after buying an additional 145 shares in the last quarter. Probity Advisors Inc. raised its holdings in shares of Best Buy by 3.3% during the 3rd quarter. Probity Advisors Inc. now owns 4,657 shares of the technology retailer’s stock valued at $411,000 after buying an additional 149 shares during the period. B. Metzler seel. Sohn & Co. AG raised its holdings in shares of Best Buy by 1.0% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock valued at $1,109,000 after buying an additional 151 shares during the period. Finally, Ashurst Perkins Coie Trust Co raised its holdings in shares of Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after buying an additional 169 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BBY shares. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. DA Davidson raised shares of Best Buy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 24th. The Goldman Sachs Group lifted 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. Wells Fargo & Company boosted their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Piper Sandler upped their target price 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 analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $87.35.

Best Buy Stock Up 6.8%

Shares of NYSE BBY opened at $106.36 on Tuesday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $106.83. The firm 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 debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The stock’s 50-day simple moving average is $92.05 and its 200-day simple moving average is $76.30.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS 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 business had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter in the previous year, the firm posted $1.28 earnings per share. The company’s 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. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 3.6%. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Insider Buying and Selling

In related news, 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 owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy 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 SEC filing for this sale provides additional information. 0.50% of the stock is currently owned by company insiders.

Best Buy Profile

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.