Bank of America Corp DE Invests $48.05 Million in Best Buy Co., Inc. $BBY

Key Points

• Bank of America initiated a $48.05 million Best Buy position, purchasing 633,254 shares during the second quarter, equivalent to approximately 0.30% of the company. Institutional investors and hedge funds collectively own 80.96% of Best Buy.
• Best Buy reported stronger-than-expected quarterly results, with EPS of $1.47 and revenue of $9.78 billion, up 3.6% year over year. The company issued FY 2027 EPS guidance of $6.70–$6.90.
• Best Buy declared a quarterly dividend of $0.96 per share, representing a 4.1% annualized yield. Meanwhile, insiders sold 718,601 shares worth about $60.45 million over the past quarter, and analysts maintain a consensus “Hold” rating with an $85.40 price target.

Bank of America Corp DE purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 633,254 shares of the technology retailer's stock, valued at approximately $48,051,000. Bank of America Corp DE owned approximately 0.30% of Best Buy at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Tema ETFs LLC boosted its holdings in shares of Best Buy by 6.5% during the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer's stock worth $179,000 after purchasing an additional 145 shares during the period. Krane Funds Advisors LLC increased its stake in Best Buy by 3.0% in the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer's stock valued at $346,000 after buying an additional 151 shares during the period. Center for Financial Planning Inc. increased its stake in Best Buy by 4.9% in the 1st quarter. Center for Financial Planning Inc. now owns 4,319 shares of the technology retailer's stock valued at $277,000 after buying an additional 200 shares during the period. Avory & Company LLC lifted its position in Best Buy by 6.4% in the 4th quarter. Avory & Company LLC now owns 3,479 shares of the technology retailer's stock worth $233,000 after buying an additional 210 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators lifted its position in Best Buy by 5.4% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 4,785 shares of the technology retailer's stock worth $320,000 after buying an additional 244 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard Schulze sold 300,000 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 718,601 shares of company stock worth $60,451,555. 0.50% of the stock is currently owned by company insiders.

Best Buy Price Performance

Shares of NYSE:BBY opened at $92.95 on Monday. The business has a 50 day moving average price of $86.64 and a 200 day moving average price of $73.99. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $95.85. The company has a market cap of $19.49 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 2.32 and a beta of 1.28. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the previous year, the business posted $1.28 EPS. The company's revenue for the quarter was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.82 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is presently 63.89%.

Analyst Upgrades and Downgrades

BBY has been the topic of several research analyst reports. Morgan Stanley boosted their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Friday, August 28th. Barclays increased their price objective on Best Buy from $77.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Weiss Ratings raised Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Bank of America began coverage on Best Buy in a research note on Monday, August 3rd. They issued an "underperform" rating and a $80.00 target price on the stock. Finally, Daiwa Securities Group upped their target price on Best Buy from $68.00 to $77.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 2nd. Six analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $85.40.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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