Manning & Napier Advisors LLC Takes Position in Best Buy Co., Inc. $BBY

Manning & Napier Advisors LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,094 shares of the technology retailer’s stock, valued at approximately $706,000.

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

Wall Street Analyst Weigh In

BBY has been the topic of several research reports. Truist Financial upgraded Best Buy from a “hold” rating to a “buy” rating and raised their price target for the company from $81.00 to $95.00 in a research note on Tuesday, August 11th. Telsey Advisory Group increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. JPMorgan Chase & Co. raised their target price on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Finally, Bank of America began coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target for the company. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $83.10.

Best Buy Trading Down 2.5%

BBY opened at $85.33 on Wednesday. The firm has a market cap of $17.98 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 2.51 and a beta of 1.29. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26. The stock has a fifty day moving average price of $82.55 and a 200-day moving average price of $71.03.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the prior year, the business posted $1.15 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.58 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares of the company’s stock, 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 90 days. Company insiders own 0.50% of the company’s stock.

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.