Fideuram Intesa Sanpaolo Private Banking S.P.A. Invests $1.83 Million in Best Buy Co., Inc. $BBY

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 27,340 shares of the technology retailer’s stock, valued at approximately $1,830,000.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Best Buy by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after purchasing an additional 35,239 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Best Buy by 2.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after purchasing an additional 39,026 shares during the last quarter. Allianz Asset Management GmbH raised its stake in Best Buy by 5.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,639,202 shares of the technology retailer’s stock valued at $123,956,000 after purchasing an additional 89,057 shares during the last quarter. Finally, National Pension Service raised its stake in Best Buy by 60.5% during the 3rd quarter. National Pension Service now owns 112,604 shares of the technology retailer’s stock valued at $8,515,000 after purchasing an additional 42,465 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BBY shares. Telsey Advisory Group cut their target price on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, March 4th. Jefferies Financial Group cut their target price on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, February 9th. BNP Paribas Exane upped their target price on shares of Best Buy from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. Morgan Stanley cut their target price on shares of Best Buy from $76.00 to $72.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 4th. Finally, Piper Sandler reiterated a “buy” rating on shares of Best Buy in a research note on Wednesday, March 4th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $70.80.

Best Buy Stock Up 0.1%

Shares of BBY opened at $61.06 on Friday. The stock has a market cap of $12.86 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 1.51 and a beta of 1.22. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99. The company has a 50-day moving average price of $61.76 and a two-hundred day moving average price of $67.32.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. The firm had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were paid a dividend of $0.96 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date was Tuesday, March 24th. Best Buy’s dividend payout ratio is 76.19%.

Insider Activity

In other Best Buy news, insider Todd G. Hartman sold 5,339 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $341,802.78. Following the completion of the transaction, the insider owned 44,098 shares in the company, valued at $2,823,153.96. This trade represents a 10.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jason J. Bonfig sold 6,336 shares of the firm’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $405,630.72. Following the transaction, the executive vice president owned 79,137 shares of the company’s stock, valued at approximately $5,066,350.74. This represents a 7.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by company insiders.

Best Buy Company 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.