KMG Fiduciary Partners LLC Has $1.52 Million Holdings in Best Buy Co., Inc. $BBY

KMG Fiduciary Partners LLC increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 362.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,098 shares of the technology retailer’s stock after purchasing an additional 15,750 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in Best Buy were worth $1,525,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. LVM Capital Management Ltd. MI bought a new stake in Best Buy during the 2nd quarter worth about $600,000. Legacy Wealth Asset Management LLC acquired a new stake in shares of Best Buy in the second quarter valued at about $235,000. Rockland Trust Co. raised its holdings in Best Buy by 5.2% during the second quarter. Rockland Trust Co. now owns 6,608 shares of the technology retailer’s stock worth $501,000 after acquiring an additional 325 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Best Buy during the second quarter worth about $584,000. Finally, Elevation Wealth Partners LLC boosted its position in Best Buy by 2,120.7% during the second quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer’s stock valued at $49,000 after purchasing an additional 615 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of analyst reports. Piper Sandler restated a “neutral” rating and issued a $77.00 price target on shares of Best Buy in a research note on Thursday, May 28th. Evercore increased their price objective on Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Morgan Stanley raised their target price on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Truist Financial boosted their target price on shares of Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a report on Friday, May 29th. Finally, Loop Capital cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a research note on Monday, July 13th. Four equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $80.55.

Best Buy Trading Up 0.6%

Shares of Best Buy stock opened at $82.47 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The business has a fifty day simple moving average of $80.08 and a two-hundred day simple moving average of $69.51. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The company has a market capitalization of $17.38 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 2.36 and a beta of 1.29.

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, beating the consensus estimate 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 net margin of 2.73% and a return on equity of 48.70%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. Best Buy’s dividend payout ratio is presently 71.11%.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the transaction, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by corporate insiders.

About Best Buy

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.