Best Buy Co., Inc. $BBY Shares Acquired by Corient Private Wealth LP

Key Points

• Corient Private Wealth increased its Best Buy stake by 33% in the second quarter, buying 59,376 additional shares for a total position worth approximately $18.2 million. Institutional investors and hedge funds collectively own 80.96% of BBY.
• Best Buy reported quarterly earnings of $1.47 per share, exceeding the $1.39 consensus estimate, while revenue rose 3.6% year over year to $9.78 billion. The company also maintained annualized dividends of $3.84 per share, yielding about 4.1%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $85.40. Shares opened at $94.81, near their 52-week high, after recently trading up 4.4%.

Corient Private Wealth LP lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 33.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 239,382 shares of the technology retailer's stock after purchasing an additional 59,376 shares during the period. Corient Private Wealth LP owned about 0.11% of Best Buy worth $18,165,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of BBY. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Best Buy during the 2nd quarter worth approximately $15,259,000. California State Teachers Retirement System raised its position in shares of Best Buy by 8,279.9% during the 2nd quarter. California State Teachers Retirement System now owns 22,175,854 shares of the technology retailer's stock valued at $1,682,704,000 after acquiring an additional 21,911,223 shares in the last quarter. Saudi Central Bank lifted its stake in Best Buy by 89.3% during the second quarter. Saudi Central Bank now owns 13,906 shares of the technology retailer's stock worth $1,055,000 after purchasing an additional 6,559 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich boosted its holdings in Best Buy by 80.0% in the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer's stock worth $7,016,000 after purchasing an additional 41,092 shares during the period. Finally, Syon Capital LLC boosted its holdings in Best Buy by 67.5% in the second quarter. Syon Capital LLC now owns 10,780 shares of the technology retailer's stock worth $818,000 after purchasing an additional 4,343 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Richard Schulze sold 224,705 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BBY has been the topic of a number of research reports. Bank of America assumed coverage on shares of Best Buy in a report on Monday, August 3rd. They set an "underperform" rating and a $80.00 target price on the stock. DA Davidson reaffirmed a "neutral" rating and issued a $95.00 price target on shares of Best Buy in a report on Tuesday, September 8th. Truist Financial set a $100.00 price objective on shares of Best Buy in a research report on Thursday, August 27th. Wells Fargo & Company increased their price objective on shares of Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded Best Buy from a "hold" rating to a "buy" rating in a research report on Saturday, August 29th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $85.40.

Best Buy Trading Up 4.4%

Best Buy stock opened at $94.81 on Tuesday. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $85.58 and a two-hundred day moving average price of $73.12. The firm has a market capitalization of $19.88 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 2.27 and a beta of 1.28. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $94.92.

Best Buy (NYSE:BBY - Get Free Report) last posted its 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 net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. During the same quarter in the prior year, the firm earned $1.28 EPS. Best Buy's quarterly revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.82 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy's dividend payout ratio is 63.89%.

About Best Buy

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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