Best Buy Co., Inc. $BBY Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Best Buy stake by 17.8% in the first quarter, acquiring 172,579 additional shares and bringing its holdings to 1.14 million shares valued at approximately $73.2 million.
• Analysts maintain a consensus “Hold” rating on Best Buy, with an average price target of $80.55. The stock recently traded near $81.91, while institutional investors collectively own 80.96% of the company.
• Best Buy exceeded quarterly earnings and revenue expectations, reporting $1.28 in EPS and $8.94 billion in revenue, while revenue grew 1.9% year over year. The company also offers a $0.96 quarterly dividend, representing a 4.7% annualized yield.

Bank of America Corp DE grew its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,139,804 shares of the technology retailer's stock after buying an additional 172,579 shares during the quarter. Bank of America Corp DE owned about 0.54% of Best Buy worth $73,175,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Krane Funds Advisors LLC lifted its position in shares of Best Buy by 3.0% during the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer's stock valued at $346,000 after acquiring an additional 151 shares during the period. Applied Finance Capital Management LLC increased its stake in Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer's stock valued at $286,000 after purchasing an additional 157 shares in the last quarter. J. Team Financial Inc. raised its holdings in Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer's stock worth $285,000 after purchasing an additional 171 shares during the last quarter. UMB Bank n.a. boosted its position in Best Buy by 6.2% during the fourth quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer's stock worth $211,000 after purchasing an additional 185 shares in the last quarter. Finally, Arjuna Capital grew its holdings in Best Buy by 1.0% in the fourth quarter. Arjuna Capital now owns 20,673 shares of the technology retailer's stock valued at $1,384,000 after purchasing an additional 195 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BBY shares. DA Davidson restated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Monday, June 22nd. Morgan Stanley raised their price objective on shares of Best Buy from $72.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Friday, May 29th. Daiwa Securities Group lifted their price objective on Best Buy from $68.00 to $77.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 2nd. Truist Financial increased their target price on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a report on Friday, May 29th. Finally, JPMorgan Chase & Co. raised their price target on Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Four analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $80.55.

Best Buy Trading Down 0.1%

Shares of BBY opened at $81.91 on Monday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $17.26 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 2.36 and a beta of 1.29. The stock's fifty day simple moving average is $79.93 and its 200 day simple moving average is $69.39. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the prior year, the company earned $1.15 EPS. The company's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.7%. Best Buy's payout ratio is 71.11%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the transaction, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at $1,596,294. This represents a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,002,134 shares of company stock worth $77,283,527 in the last quarter. 0.50% of the stock is currently owned by company insiders.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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