25,124 Shares of Best Buy Co., Inc. $BBY Purchased by Inspire Investing LLC

Key Points

• Inspire Investing purchased 25,124 Best Buy shares worth approximately $2.2 million during the third quarter, while institutional investors collectively own 80.96% of the company.
• Best Buy insiders sold substantial holdings, including 116,062 shares sold by EVP Kathleen Scarlett and 300,000 shares sold by Chairman Richard Schulze; corporate insiders now own 0.50% of the stock.
• Analysts have an average “Hold” rating and a consensus price target of $85.90. Best Buy recently beat quarterly earnings and revenue estimates and pays a quarterly dividend of $0.96 per share, yielding about 3.8%.

Inspire Investing LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,124 shares of the technology retailer's stock, valued at approximately $2,217,000.

A number of other institutional investors have also recently made changes to their positions in BBY. Clark Wealth Partners purchased a new position in Best Buy in the 3rd quarter worth approximately $29,000. Ashurst Perkins Coie Trust Co lifted its position in Best Buy by 75.1% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer's stock valued at $35,000 after acquiring an additional 169 shares in the last quarter. Aberdeen Wealth Management LLC purchased a new stake in Best Buy during the 2nd quarter valued at $38,000. Physician Wealth Advisors Inc. boosted its stake in Best Buy by 582.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 621 shares of the technology retailer's stock valued at $55,000 after purchasing an additional 530 shares during the last quarter. Finally, Elevation Wealth Partners LLC boosted its stake in Best Buy by 2,120.7% during the 2nd 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. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insiders Place Their Bets

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the firm's stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The SEC filing for this sale provides additional information. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on BBY shares. Piper Sandler lifted their target price on Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a report on Thursday, August 20th. Guggenheim upped their price target on Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a report on Friday, August 28th. Citigroup upped their price target on Best Buy from $79.00 to $88.00 and gave the company a "neutral" rating in a report on Thursday, August 13th. Truist Financial set a $100.00 price objective on Best Buy in a research report on Thursday, August 27th. Finally, Morgan Stanley lifted their price objective on Best Buy from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Best Buy currently has an average rating of "Hold" and a consensus target price of $85.90.

Best Buy Trading Down 0.0%

Shares of BBY stock opened at $99.85 on Monday. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $100.58. The stock has a market capitalization of $20.94 billion, a P/E ratio of 16.61, a P/E/G ratio of 2.50 and a beta of 1.26. The firm's 50 day moving average is $89.34 and its 200 day moving average is $78.69.

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 for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion during 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 quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

The company 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 yield of 3.8%. The ex-dividend date was Thursday, September 17th. Best Buy's dividend payout ratio is 63.89%.

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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