143,996 Shares in Best Buy Co., Inc. $BBY Purchased by Eagle Rock Investment Company LLC

Key Points

• Eagle Rock Investment Company LLC acquired 143,996 Best Buy shares worth approximately $12.7 million in the third quarter, representing about 0.07% of Best Buy and 1.5% of Eagle Rock’s portfolio. Institutional investors collectively own 80.96% of the stock.
• Analysts maintain a consensus “Hold” rating on Best Buy, with an average price target of $85.90; individual targets range from $71 to $95.
• Best Buy reported quarterly earnings of $1.47 per share and revenue of $9.78 billion, exceeding analyst expectations. The company also declared a quarterly dividend of $0.96 per share, equivalent to a 4.1% annualized yield.

Eagle Rock Investment Company LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 143,996 shares of the technology retailer's stock, valued at approximately $12,706,000. Best Buy comprises about 1.5% of Eagle Rock Investment Company LLC's holdings, making the stock its 21st biggest holding. Eagle Rock Investment Company LLC owned approximately 0.07% of Best Buy as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Axxcess Wealth Management LLC bought a new position in shares of Best Buy in the 3rd quarter valued at about $843,000. Crossmark Global Holdings Inc. increased its stake in shares of Best Buy by 145.9% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 32,448 shares of the technology retailer's stock worth $2,863,000 after purchasing an additional 19,253 shares during the last quarter. Sowell Financial Services LLC increased its stake in shares of Best Buy by 47.1% during the 3rd quarter. Sowell Financial Services LLC now owns 12,954 shares of the technology retailer's stock worth $1,073,000 after purchasing an additional 4,145 shares during the last quarter. Atticus Wealth Management LLC bought a new stake in shares of Best Buy in the 3rd quarter valued at about $468,000. Finally, Eagle Harbor Asset Management Inc. ADV bought a new stake in shares of Best Buy in the 3rd quarter valued at about $614,000. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BBY has been the subject of several recent analyst reports. Evercore set a $95.00 target price on shares of Best Buy in a research note on Tuesday. UBS Group reissued a "neutral" rating and set a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Guggenheim boosted their price target on Best Buy from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday, August 28th. The Goldman Sachs Group upped their price objective on Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a research note on Friday, August 28th. Finally, Bank of America started coverage on Best Buy in a research report on Monday, August 3rd. They issued an "underperform" rating and a $80.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $85.90.

Best Buy Trading Up 0.3%

BBY stock opened at $94.16 on Thursday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $96.53. The stock has a market cap of $19.75 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 2.35 and a beta of 1.26. The company has a fifty day moving average price of $88.79 and a two-hundred day moving average price of $78.19. 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 (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio is currently 63.89%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 300,000 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the company's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The SEC filing for this sale provides additional information. 0.50% of the stock is owned by corporate insiders.

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.

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