206,913 Shares in Best Buy Co., Inc. $BBY Purchased by Isthmus Partners LLC

Isthmus Partners LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 206,913 shares of the technology retailer’s stock, valued at approximately $18,258,000. Best Buy makes up 1.7% of Isthmus Partners LLC’s investment portfolio, making the stock its 13th largest position.

Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Best Buy in the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp acquired a new position in Best Buy during the 2nd quarter worth $174,893,000. KBC Group NV boosted its position in Best Buy by 50.5% in the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after buying an additional 531,998 shares during the last quarter. Deutsche Bank AG bought a new position in Best Buy in the 2nd quarter valued at $116,003,000. Finally, Renaissance Technologies LLC boosted its position in Best Buy by 113.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock valued at $93,054,000 after buying an additional 770,339 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the sale, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BBY. Truist Financial set a $100.00 target price on Best Buy in a research report on Thursday, August 27th. DA Davidson raised Best Buy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 24th. Telsey Advisory Group raised their price target on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Guggenheim lifted their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Finally, Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $85.90.

Best Buy Stock Up 6.0%

NYSE:BBY opened at $99.78 on Friday. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $99.92. The stock’s fifty day simple moving average is $89.08 and its 200-day simple moving average is $78.44. The firm has a market capitalization of $20.93 billion, a P/E ratio of 16.60, a P/E/G ratio of 2.35 and a beta of 1.26.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

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 $0.96 dividend. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 3.8%. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Best Buy Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.