245,700 Shares in Best Buy Co., Inc. $BBY Purchased by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON Asset Management UK acquired 245,700 Best Buy shares in the third quarter, valued at approximately $21.7 million and representing about 0.12% of the company.
• Best Buy reported quarterly EPS of $1.47, beating the $1.39 analyst consensus, while revenue rose 3.6% year over year to $9.78 billion.
• Analysts maintain a consensus Hold rating with an average price target of $87.35; the stock opened at $106.36, near its 12-month high.

AEGON ASSET MANAGEMENT UK Plc acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 245,700 shares of the technology retailer's stock, valued at approximately $21,681,000. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.12% of Best Buy at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of BBY. AlphaCore Capital LLC lifted its stake in Best Buy by 200.0% in the 3rd quarter. AlphaCore Capital LLC now owns 17,500 shares of the technology retailer's stock worth $1,544,000 after purchasing an additional 11,666 shares in the last quarter. Retirement Systems of Alabama lifted its stake in shares of Best Buy by 116.3% in the 3rd quarter. Retirement Systems of Alabama now owns 89,033 shares of the technology retailer's stock valued at $7,856,000 after purchasing an additional 47,869 shares during the last quarter. Fulcrum Asset Management LLP lifted its position in Best Buy by 52,769.7% in the third quarter. Fulcrum Asset Management LLP now owns 40,181 shares of the technology retailer's stock worth $3,525,000 after buying an additional 40,105 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Best Buy by 17.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 13,248 shares of the technology retailer's stock valued at $1,162,000 after buying an additional 1,953 shares during the last quarter. Finally, StoneRidge PMG Advisors LLC bought a new stake in Best Buy during the 3rd quarter valued at about $1,825,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

BBY has been the topic of several recent research reports. Citigroup increased their target price on shares of Best Buy from $88.00 to $102.00 and gave the stock a "neutral" rating in a report on Friday. Morgan Stanley raised their price target on Best Buy from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Friday, August 28th. UBS Group restated a "neutral" rating and set a $90.00 price target (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. Bank of America assumed coverage on shares of Best Buy in a report on Monday, August 3rd. They set an "underperform" rating and a $80.00 price objective on the stock. Finally, Truist Financial set a $100.00 price objective on shares of Best Buy in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $87.35.

Best Buy Price Performance

Shares of NYSE BBY opened at $106.36 on Tuesday. The firm's 50 day simple moving average is $92.05 and its 200-day simple moving average is $76.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $106.83. The stock has a market capitalization of $22.31 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 2.53 and a beta of 1.20. 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 announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same quarter last year, the firm posted $1.28 EPS. The business's revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is presently 63.89%.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 300,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction 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 owned 116,173 shares of the company's stock, valued at approximately $10,705,341.95. This trade 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.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels.

The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada.

Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.

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