35,698 Shares in Best Buy Co., Inc. $BBY Purchased by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management opened a new Best Buy position, buying 35,698 shares worth about $3.17 million in the third quarter. Institutional investors and hedge funds collectively own approximately 81% of the stock.
• Best Buy’s latest quarterly results exceeded forecasts: EPS was $1.47 versus analysts’ $1.39 estimate, while revenue of $9.78 billion topped expectations and rose 3.6% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $87.35; shares recently traded at $99.58. The company’s annualized dividend is $3.84 per share, yielding about 3.9%.

Rakuten Investment Management Inc. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,698 shares of the technology retailer's stock, valued at approximately $3,168,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Best Buy in the 2nd quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in shares of Best Buy during the 2nd quarter valued at $174,893,000. KBC Group NV boosted its stake in shares of Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock valued at $101,745,000 after buying an additional 531,998 shares during the period. Deutsche Bank AG acquired a new stake in shares of Best Buy during the 2nd quarter valued at $116,003,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Best Buy by 113.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer's stock valued at $93,054,000 after acquiring an additional 770,339 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In related news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction dated 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 sale, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BBY shares. DA Davidson raised shares of Best Buy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 24th. Piper Sandler lifted their price objective on Best Buy from $77.00 to $85.00 and gave the company a "neutral" rating in a research report on Thursday, August 20th. Truist Financial set a $100.00 target price on Best Buy in a research note on Thursday, August 27th. UBS Group reaffirmed a "neutral" rating and issued a $90.00 target price (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Finally, Guggenheim lifted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $87.35.

Best Buy Stock Performance

Shares of Best Buy stock traded up $0.18 during midday trading on Friday, hitting $99.58. The company had a trading volume of 2,739,735 shares, compared to its average volume of 2,866,252. The business's 50 day simple moving average is $91.57 and its two-hundred day simple moving average is $76.10. The stock has a market cap of $20.89 billion, a PE ratio of 16.57, a P/E/G ratio of 2.40 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 Co., Inc. has a 1-year low of $55.10 and a 1-year high of $103.54.

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, topping analysts' consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the previous year, the firm posted $1.28 earnings per share. Best Buy's revenue 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 analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.9%. Best Buy's dividend payout ratio is currently 63.89%.

About Best Buy

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.

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY - Free Report).

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.