Best Buy Co., Inc. $BBY Shares Acquired by Saudi Central Bank

Saudi Central Bank lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 89.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 13,906 shares of the technology retailer’s stock after acquiring an additional 6,559 shares during the period. Saudi Central Bank’s holdings in Best Buy were worth $1,055,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in shares of Best Buy by 42.9% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock valued at $15,059,000 after purchasing an additional 67,600 shares during the period. HighTower Advisors LLC increased its position in Best Buy by 250.6% during the fourth quarter. HighTower Advisors LLC now owns 101,292 shares of the technology retailer’s stock worth $6,779,000 after buying an additional 72,398 shares during the period. Genus Capital Management Inc. purchased a new stake in Best Buy in the fourth quarter valued at approximately $1,656,000. North Dakota State Investment Board acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $1,958,000. Finally, Conning Inc. boosted its holdings in shares of Best Buy by 4.7% in the fourth quarter. Conning Inc. now owns 436,710 shares of the technology retailer’s stock valued at $29,229,000 after acquiring an additional 19,523 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

NYSE:BBY opened at $88.01 on Thursday. The firm’s fifty day simple moving average is $84.77 and its 200-day simple moving average is $72.52. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The stock has a market cap of $18.46 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 2.23 and a beta of 1.28. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be given a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.4%. Best Buy’s payout ratio is presently 63.89%.

Insider Activity

In other news, Chairman Richard Schulze sold 224,705 shares of the firm’s 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 completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. This trade represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 500,000 shares of company stock valued at $39,065,226 over the last quarter. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent research reports. Barclays lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a report on Friday, August 28th. Loop Capital downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a research report on Monday, July 13th. Morgan Stanley lifted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, August 28th. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. Finally, 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 research note on Tuesday, August 4th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $85.40.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.