Best Buy Co., Inc. $BBY Position Increased by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group increased its Best Buy stake by 525.5% in the third quarter, holding 23,512 shares valued at approximately $2.1 million. Institutional investors collectively own 80.96% of Best Buy.
• Best Buy reported quarterly EPS of $1.47, exceeding estimates of $1.39, while revenue rose 3.6% year over year to $9.78 billion. The company also declared a quarterly dividend of $0.96 per share, representing a 3.9% yield.
• Analysts maintain a consensus rating of Hold, with an average price target of $85.90, below the reported share price of $97.94. Meanwhile, two insiders sold a combined 416,062 shares in September.

Citizens Financial Group Inc. RI raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 525.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,512 shares of the technology retailer's stock after acquiring an additional 19,753 shares during the period. Citizens Financial Group Inc. RI's holdings in Best Buy were worth $2,075,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Best Buy during the 2nd quarter valued at about $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in shares of Best Buy during the second quarter worth approximately $174,893,000. KBC Group NV grew its stake in Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock valued at $101,745,000 after purchasing an additional 531,998 shares in the last quarter. Deutsche Bank AG acquired a new position in Best Buy during the second quarter worth $116,003,000. Finally, Renaissance Technologies LLC raised its position in shares of Best Buy by 113.4% in the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer's stock valued at $93,054,000 after purchasing an additional 770,339 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the business's 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 transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company's stock.

Best Buy Stock Down 1.9%

Shares of NYSE BBY opened at $97.94 on Tuesday. The company has a market cap of $20.54 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 2.50 and a beta of 1.26. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $89.27 and a two-hundred day moving average price of $74.63. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $100.58.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data 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 return on equity of 48.14% and a net margin of 3.01%. The company had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period last year, the company earned $1.28 earnings per share. The firm'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, analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is presently 63.89%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several research analyst reports. UBS Group restated a "neutral" rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Truist Financial set a $100.00 target price on shares of Best Buy in a research report on Thursday, August 27th. Evercore set a $95.00 price target on shares of Best Buy in a research report on Tuesday, October 20th. Barclays increased their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Finally, The Goldman Sachs Group raised their price objective on Best Buy from $62.00 to $71.00 and gave the stock a "sell" rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $85.90.

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.

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