Tulsa Wealth Advisors INC Takes Position in Best Buy Co., Inc. $BBY

Tulsa Wealth Advisors INC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 42,597 shares of the technology retailer’s stock, valued at approximately $2,851,000. Best Buy comprises about 0.9% of Tulsa Wealth Advisors INC’s portfolio, making the stock its 29th biggest holding.

A number of other institutional investors have also recently bought and sold shares of BBY. Woodline Partners LP raised its holdings in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after purchasing an additional 4,701 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after buying an additional 7,288 shares during the period. Ieq Capital LLC grew its holdings in shares of Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after buying an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after buying an additional 76,102 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY opened at $74.89 on Friday. The business’s 50-day moving average price is $65.59 and its two-hundred day moving average price is $66.62. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The company has a market capitalization of $15.78 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 1.99 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a $0.96 dividend. The ex-dividend date is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.1%. Best Buy’s payout ratio is presently 71.11%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jason J. Bonfig sold 6,336 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the sale, the executive vice president owned 79,137 shares in the company, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 660,780 shares of company stock worth $49,530,325. 0.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BBY has been the topic of several recent analyst reports. Loop Capital lifted their target price on Best Buy from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, May 29th. DA Davidson restated a “buy” rating and issued a $78.00 price target on shares of Best Buy in a report on Friday, May 29th. HSBC dropped their price target on Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Citigroup boosted their price objective on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. increased their target price on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average price target of $79.05.

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.