6,959 Shares of Best Buy Co., Inc. $BBY Acquired by Eagle Harbor Asset Management Inc. ADV

Eagle Harbor Asset Management Inc. ADV bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,959 shares of the technology retailer’s stock, valued at approximately $614,000.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Best Buy during the 2nd quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp bought a new position in Best Buy in the 2nd quarter valued at approximately $174,893,000. Deutsche Bank AG bought a new position in Best Buy in the 2nd quarter valued at approximately $116,003,000. Legal & General Group Plc bought a new position in Best Buy in the 2nd quarter valued at approximately $83,427,000. Finally, Hsbc Holdings PLC acquired a new stake in Best Buy in the second quarter valued at approximately $79,627,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 300,000 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the transaction, the executive vice president directly owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research reports. Telsey Advisory Group boosted 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. Citigroup upped their price target on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Bank of America assumed coverage on Best Buy in a research note on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target for the company. The Goldman Sachs Group raised their price objective on Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a report on Friday, August 28th. Finally, Morgan Stanley boosted their price objective on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $85.90.

Best Buy Stock Up 2.9%

Shares of NYSE BBY opened at $93.81 on Wednesday. The company has a 50 day simple moving average of $88.56 and a 200 day simple moving average of $77.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $96.53. The firm has a market cap of $19.67 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 2.28 and a beta of 1.26.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share 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 analyst estimates of $9.59 billion. During the same period in the previous year, the firm posted $1.28 EPS. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Thursday, September 17th. Best Buy’s payout ratio is 63.89%.

Best Buy Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.