18,653 Shares of Best Buy Co., Inc. $BBY Bought by Investment Planning Advisors Inc.

Key Points

• Investment Planning Advisors Inc. acquired 18,653 Best Buy shares in the third quarter, valued at approximately $1.65 million. Institutional investors and hedge funds collectively own 80.96% of BBY.
• Best Buy reported quarterly revenue of $9.78 billion and adjusted earnings of $1.47 per share, beating analyst expectations, while revenue grew 3.6% year over year.
• BBY traded at $87.69, and the company’s $0.96 quarterly dividend implies a 4.4% annualized yield. Analysts maintain an average “Hold” rating with an $85.65 price target.

Investment Planning Advisors Inc. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 18,653 shares of the technology retailer's stock, valued at approximately $1,646,000. Best Buy accounts for about 0.4% of Investment Planning Advisors Inc.'s investment portfolio, making the stock its 29th biggest holding.

Several other institutional investors and hedge funds have also modified their holdings of BBY. Three Magnolias Financial Advisors LLC bought a new position in Best Buy in the third quarter valued at approximately $279,000. ABLE Financial Group LLC acquired a new position in shares of Best Buy in the third quarter valued at approximately $299,000. Firethorn Wealth Partners LLC bought a new stake in shares of Best Buy during the third quarter worth $490,000. Signal Advisors Wealth LLC bought a new stake in shares of Best Buy during the third quarter worth $1,542,000. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of Best Buy during the third quarter worth $288,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Down 0.3%

BBY stock traded down $0.27 during midday trading on Wednesday, hitting $87.69. The company's stock had a trading volume of 597,747 shares, compared to its average volume of 4,139,144. 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 twelve month low of $55.10 and a twelve month high of $96.53. The company's fifty day moving average price is $87.59 and its 200 day moving average price is $76.98. The stock has a market capitalization of $18.39 billion, a P/E ratio of 14.59, a PEG ratio of 2.17 and a beta of 1.26.

Best Buy (NYSE:BBY - Get Free Report) last announced 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. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. During the same quarter last year, the company earned $1.28 EPS. Best Buy'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. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a $0.96 dividend. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.4%. Best Buy's dividend payout ratio (DPR) is currently 63.89%.

Insider Activity

In other Best Buy news, Chairman Richard 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 filing with the SEC, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the business's stock in a transaction that occurred 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 in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BBY shares. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a research report on Monday, June 22nd. Truist Financial set a $100.00 price target on Best Buy in a report on Thursday, August 27th. Piper Sandler upped their price objective on Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday, August 20th. Loop Capital downgraded Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective for the company. in a report on Monday, July 13th. Finally, Bank of America assumed coverage on Best Buy in a report on Monday, August 3rd. They set 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 issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Hold" and an average price target of $85.65.

About Best Buy

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.