Best Buy Co., Inc. $BBY Shares Newly Bought by Townsend & Associates Inc

Townsend & Associates Inc 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 224,527 shares of the technology retailer’s stock, valued at approximately $19,812,000. Best Buy makes up 1.7% of Townsend & Associates Inc’s investment portfolio, making the stock its 22nd largest position.

Other large investors also recently modified their holdings of the company. 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 bought a new position in Best Buy in the 2nd quarter worth approximately $174,893,000. Deutsche Bank AG bought a new position in Best Buy in the 2nd quarter worth approximately $116,003,000. KBC Group NV lifted its holdings in Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after buying an additional 531,998 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Best Buy by 113.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after buying an additional 770,339 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Down 0.0%

Shares of NYSE BBY opened at $99.85 on Monday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $100.58. The firm has a market capitalization of $20.94 billion, a P/E ratio of 16.61, a P/E/G ratio of 2.50 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The company’s 50 day simple moving average is $89.34 and its 200 day simple moving average is $78.69.

Best Buy (NYSE:BBY) last released its 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 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 analyst estimates of $9.59 billion. During the same quarter in the previous year, the business earned $1.28 EPS. The business’s quarterly 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. On average, analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current 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 $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Insider Buying and Selling at Best Buy

In related news, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction on 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 of the company’s stock, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings upgraded Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. The Goldman Sachs Group boosted their target price on Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a research report on Friday, August 28th. Bank of America began coverage on Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price for the company. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. Finally, Morgan Stanley raised their price target on Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $85.90.

About Best Buy

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.