Elevation Point Wealth Partners LLC Invests $3.27 Million in Best Buy Co., Inc. $BBY

Elevation Point Wealth Partners LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 43,127 shares of the technology retailer’s stock, valued at approximately $3,273,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BBY. Woodline Partners LP raised its stake in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after buying an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. grew its stake 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 acquiring an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario grew its stake in shares of Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after acquiring an additional 7,288 shares during the last quarter. Ieq Capital LLC increased its holdings in shares of Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after acquiring an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after acquiring an additional 76,102 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BBY. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. Guggenheim reissued a “buy” rating and set a $90.00 target price on shares of Best Buy in a research report on Friday, May 29th. Daiwa Securities Group upped their price target on shares of Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Morgan Stanley raised their price target on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Finally, The Goldman Sachs Group lifted their price objective on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research note on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average target price of $83.10.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last ninety days. Insiders own 0.50% of the company’s stock.

Best Buy Trading Up 0.4%

Shares of NYSE:BBY opened at $86.07 on Friday. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26. The stock has a market cap of $18.14 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 2.47 and a beta of 1.29. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average price of $82.15 and a 200-day moving average price of $70.72.

Best Buy (NYSE:BBY) last issued its 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. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the prior year, the firm earned $1.15 earnings per share. Best Buy’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.57 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s payout ratio is presently 71.11%.

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.