Signal Advisors Wealth LLC Makes New Investment in Best Buy Co., Inc. $BBY

Signal Advisors Wealth LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 17,472 shares of the technology retailer’s stock, valued at approximately $1,542,000.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Best Buy during the second quarter valued at $1,932,812,000. Bank of New York Mellon Corp purchased a new position in shares of Best Buy in the 2nd quarter worth $174,893,000. Deutsche Bank AG purchased a new position in shares of Best Buy in the 2nd quarter worth $116,003,000. Legal & General Group Plc purchased a new position in shares of Best Buy in the 2nd quarter worth $83,427,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Best Buy in the 2nd quarter worth about $79,627,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

BBY stock opened at $88.98 on Thursday. The stock has a market cap of $18.66 billion, a PE ratio of 14.81, a P/E/G ratio of 2.20 and a beta of 1.26. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $96.53. The company has a 50-day moving average price of $87.68 and a 200 day moving average price of $77.16. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36.

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 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 company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same period in the prior year, the company posted $1.28 EPS. The firm’s revenue for the quarter 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 research analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio is presently 63.89%.

Analysts Set New Price Targets

BBY has been the topic of several recent research reports. Barclays upped their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Morgan Stanley lifted their price target on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Bank of America initiated coverage on Best Buy in a research note on Monday, August 3rd. They set an “underperform” rating and a $80.00 price objective on the stock. Wells Fargo & Company upped their price objective on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Piper Sandler upped their price objective on Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $85.65.

Insider Activity at Best Buy

In related news, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction that occurred 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 $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.50% of the company’s stock.

About Best Buy

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.