23,978 Shares in Best Buy Co., Inc. $BBY Bought by Tulsa Wealth Advisors INC

Key Points

• Tulsa Wealth Advisors bought 23,978 Best Buy shares worth approximately $1.82 million during the second quarter. Institutional investors now own 80.96% of BBY’s outstanding stock.
• Best Buy reported quarterly earnings of $1.28 per share, exceeding analyst expectations of $1.23, while revenue rose 1.9% year over year to $8.94 billion.
• The company pays a quarterly dividend of $0.96 per share, equivalent to an annualized $3.84 dividend and a 4.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $82.70.

Tulsa Wealth Advisors INC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 23,978 shares of the technology retailer's stock, valued at approximately $1,819,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after acquiring an additional 3,496,254 shares during the last quarter. Norges Bank purchased a new position in shares of Best Buy in the 4th quarter valued at approximately $174,685,000. Schroder Investment Management Group raised its position in shares of Best Buy by 378.8% in the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock valued at $207,216,000 after purchasing an additional 2,449,342 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Best Buy in the 2nd quarter worth approximately $174,893,000. Finally, Hsbc Holdings PLC increased its stake in Best Buy by 104.1% during the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock valued at $135,685,000 after purchasing an additional 1,030,544 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 0.1%

BBY stock opened at $86.54 on Monday. The firm's fifty day simple moving average is $81.10 and its 200-day simple moving average is $70.01. The company has a market capitalization of $18.24 billion, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 2.49 and a beta of 1.29. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. The business's quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 71.11%.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock valued at $77,283,527 in the last quarter. Company insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Guggenheim reaffirmed a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, May 29th. Bank of America assumed coverage on Best Buy in a research report on Monday, August 3rd. They issued an "underperform" rating and a $80.00 target price on the stock. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research note on Monday, June 22nd. Wells Fargo & Company lifted their price target on Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 11th. Finally, Telsey Advisory Group boosted their price target on Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $82.70.

Best Buy Profile

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.

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