Concurrent Investment Advisors LLC Has $10.03 Million Holdings in Best Buy Co., Inc. $BBY

Concurrent Investment Advisors LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 44.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 132,210 shares of the technology retailer’s stock after purchasing an additional 40,993 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Best Buy were worth $10,032,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BBY. Woodline Partners LP boosted its stake in shares of 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 buying an additional 4,701 shares during the period. Daiwa Securities Group Inc. grew its position in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario increased its stake in Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC increased its stake in Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after acquiring an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after acquiring an additional 76,102 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on BBY shares. DA Davidson upped 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. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. Wells Fargo & Company boosted their price target on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, Daiwa Securities Group increased their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $85.40.

Best Buy Trading Up 3.3%

Shares of BBY opened at $90.35 on Friday. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26. The business’s fifty day moving average is $84.03 and its 200-day moving average is $72.00. 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 firm has a market cap of $19.04 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 2.25 and a beta of 1.28.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter in the previous year, the firm earned $1.28 EPS. Best Buy’s 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. Equities analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 4.3%. Best Buy’s payout ratio is presently 63.89%.

Insider Buying and Selling

In other news, Chairman Richard Schulze sold 224,705 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 500,000 shares of company stock worth $39,065,226 over the last three months. 0.50% of the stock is currently owned by insiders.

Best Buy 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.