Best Buy Co., Inc. $BBY Stock: Flagship Harbor Advisors LLC Trims Holdings

Flagship Harbor Advisors LLC lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 27.8% during the third quarter, Holdings Channel.com reports. The firm owned 72,012 shares of the technology retailer’s stock after selling 27,700 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Best Buy were worth $6,354,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Best Buy during the 2nd quarter worth approximately $1,932,812,000. Bank of New York Mellon Corp purchased a new stake in shares of Best Buy in the second quarter valued at approximately $174,893,000. KBC Group NV boosted its stake in shares of Best Buy by 50.5% in the first 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 in the last quarter. Deutsche Bank AG purchased a new stake in shares of Best Buy in the second quarter valued at approximately $116,003,000. Finally, Renaissance Technologies LLC grew its holdings in Best Buy by 113.4% during the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after acquiring an additional 770,339 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the transaction, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was 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. 0.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BBY shares. Barclays increased their price objective on Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Morgan Stanley boosted their target price on shares of Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Truist Financial set a $100.00 price target on shares of Best Buy in a research note on Thursday, August 27th. UBS Group reiterated a “neutral” rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a report on Friday, August 28th. Finally, Telsey Advisory Group increased their price target on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $85.90.

Best Buy Stock Performance

NYSE BBY opened at $97.94 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $100.58. The stock has a market cap of $20.54 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 2.50 and a beta of 1.26. The business has a fifty day moving average of $89.27 and a 200-day moving average of $74.63. 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 (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion for 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 business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.

Best Buy Company 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.