Best Buy Co., Inc. $BBY Shares Newly Acquired by B.A. Schrock Wealth Management Inc.

Key Points

• B.A. Schrock Wealth Management acquired 23,536 Best Buy shares during the third quarter, valued at approximately $2.06 million. Institutional investors collectively own about 80.96% of the company.
• Best Buy reported quarterly earnings of $1.47 per share and revenue of $9.78 billion, exceeding analyst expectations, while revenue increased 3.6% year over year.
• Analysts’ consensus rating remains “Hold,” with an average price target of $85.65. Best Buy also pays a quarterly dividend of $0.96 per share, representing a 4.3% annualized yield.

B.A. Schrock Wealth Management Inc. bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 23,536 shares of the technology retailer's stock, valued at approximately $2,064,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MV Capital Management Inc. acquired a new position in Best Buy in the fourth quarter worth approximately $25,000. Bayban bought a new position in Best Buy during the fourth quarter valued at about $33,000. Ashurst Perkins Coie Trust Co boosted its stake in shares of Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer's stock worth $35,000 after acquiring an additional 169 shares in the last quarter. Maseco LLP bought a new position in shares of Best Buy in the 1st quarter valued at approximately $37,000. Finally, Aberdeen Wealth Management LLC bought a new stake in Best Buy during the second quarter worth approximately $38,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BBY shares. Jefferies Financial Group cut shares of Best Buy from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $89.00 to $85.00 in a research note on Wednesday, August 5th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research report on Monday, June 22nd. Loop Capital cut shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target for the company. in a report on Monday, July 13th. Wall Street Zen raised Best Buy from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Truist Financial set a $100.00 target price on Best Buy in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $85.65.

Best Buy Price Performance

Shares of BBY stock opened at $88.98 on Thursday. The stock has a 50 day moving average of $87.68 and a two-hundred day moving average of $77.16. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $96.53. The company has a market capitalization of $18.66 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.20 and a beta of 1.26.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. Best Buy's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The firm 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 4.3%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's payout ratio is 63.89%.

Insiders Place Their Bets

In other news, Chairman Richard Schulze sold 300,000 shares of the firm's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president directly owned 116,173 shares of the company's stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.50% of the company's stock.

About Best Buy

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

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