Sigma Planning Corp Invests $1.29 Million in Best Buy Co., Inc. $BBY

Sigma Planning Corp purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, Holdings Channel reports. The fund purchased 16,999 shares of the technology retailer’s stock, valued at approximately $1,290,000.

Other institutional investors also recently added to or reduced their stakes in the company. Woodline Partners LP boosted its stake in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after purchasing an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario raised its holdings in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after purchasing an additional 7,288 shares during the period. Ieq Capital LLC lifted its stake in Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after purchasing an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after purchasing an additional 76,102 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 500,000 shares of company stock worth $39,065,226 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Best Buy Price Performance

Best Buy stock opened at $80.31 on Tuesday. The stock has a market cap of $16.93 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 2.29 and a beta of 1.29. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The business has a 50-day simple moving average of $83.24 and a 200 day simple moving average of $71.45. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26.

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 the consensus estimate of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period 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. On average, research analysts forecast that Best Buy Co., Inc. will post 6.79 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 4.8%. Best Buy’s payout ratio is currently 63.89%.

Analyst Ratings Changes

A number of brokerages have recently commented on BBY. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company upped their price objective on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Guggenheim lifted 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. Weiss Ratings raised shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley lifted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $85.40.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.