Almanack Investment Partners LLC. Buys New Shares in Best Buy Co., Inc. $BBY

Key Points

• Almanack Investment Partners opened a Best Buy position in the third quarter, buying 17,736 shares valued at about $1.565 million. Other institutional investors also added or initiated holdings; institutional investors own 80.96% of the stock.
• Best Buy beat quarterly earnings and revenue estimates, reporting $1.47 per share and $9.78 billion in revenue, up 3.6% year over year. The company’s FY 2027 EPS guidance is $6.70–$6.90, and its annualized dividend is $3.84 per share.
• Analysts’ consensus rating is Hold, with an average price target of $87.35. Separately, two company insiders sold shares in September, including Chairman Richard Schulze’s sale of 300,000 shares.

Almanack Investment Partners LLC. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 17,736 shares of the technology retailer's stock, valued at approximately $1,565,000.

A number of other hedge funds have also made changes to their positions in the stock. Means Investment CO. Inc. bought a new stake in shares of Best Buy in the 3rd quarter worth about $11,162,000. Paragon Advisors LLC acquired a new stake in shares of Best Buy in the 3rd quarter valued at about $319,000. Brighton Jones LLC lifted its position in shares of Best Buy by 178.8% during the third quarter. Brighton Jones LLC now owns 32,484 shares of the technology retailer's stock worth $2,866,000 after purchasing an additional 20,834 shares during the last quarter. Candriam S.C.A. lifted its position in shares of Best Buy by 41.2% during the third quarter. Candriam S.C.A. now owns 64,038 shares of the technology retailer's stock worth $5,417,000 after purchasing an additional 18,697 shares during the last quarter. Finally, Uhlmann Price Securities LLC acquired a new position in Best Buy in the third quarter worth about $271,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Down 0.0%

Best Buy stock opened at $99.58 on Monday. The firm's 50-day moving average is $91.57 and its 200-day moving average is $76.10. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $103.54. The company has a market cap of $20.89 billion, a P/E ratio of 16.57, a PEG ratio of 2.49 and a beta of 1.20.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared 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. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Thursday, September 17th. Best Buy's dividend payout ratio is presently 63.89%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several research analyst reports. DA Davidson raised Best Buy from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 24th. Piper Sandler upped their price objective on Best Buy from $77.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, August 20th. Wells Fargo & Company increased their target price on Best Buy from $85.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday. Barclays lifted their target price on Best Buy from $77.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday, August 28th. Finally, Telsey Advisory Group lifted their target price on Best Buy from $90.00 to $95.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $87.35.

Insider Buying and Selling

In related news, 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 transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Profile

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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