Best Buy Co., Inc. $BBY Shares Newly Bought by Ashton Thomas Private Wealth LLC

Key Points

• Ashton Thomas Private Wealth bought 17,136 Best Buy shares in the third quarter, valued at approximately $1.51 million. Institutional investors collectively own 80.96% of the company’s stock.
• Best Buy reported quarterly earnings of $1.47 per share, above the $1.39 analyst consensus, while revenue of $9.78 billion also exceeded expectations and grew 3.6% year over year.
• The company pays a quarterly dividend of $0.96, equivalent to an annualized yield of about 3.6%. Analysts’ consensus rating is “Hold,” with an average price target of $87.35.

Ashton Thomas Private Wealth LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,136 shares of the technology retailer's stock, valued at approximately $1,512,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. BlackRock Inc. acquired a new stake in Best Buy during the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp bought a new stake in shares of Best Buy in the 2nd quarter valued at approximately $174,893,000. Deutsche Bank AG bought a new stake in shares of Best Buy in the 2nd quarter valued at approximately $116,003,000. Legal & General Group Plc bought a new stake in shares of Best Buy in the 2nd quarter valued at approximately $83,427,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Best Buy in the 2nd quarter worth approximately $79,627,000. Institutional investors own 80.96% of the company's stock.

Insider Buying and Selling

In related news, Chairman Richard Schulze sold 300,000 shares of the 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.50% of the company's stock.

Best Buy Stock Up 6.8%

Shares of BBY opened at $106.36 on Tuesday. The company has a market capitalization of $22.31 billion, a P/E ratio of 17.70, a PEG ratio of 2.53 and a beta of 1.20. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $106.83. The business's 50 day simple moving average is $92.05 and its 200-day simple moving average is $76.30. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating 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 firm had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. During the same period last year, the firm posted $1.28 EPS. The business's 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. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is 63.89%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BBY shares. Telsey Advisory Group raised their target price on Best Buy from $90.00 to $95.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Barclays upped their price target on Best Buy from $77.00 to $85.00 and gave the company a "buy" rating in a research report on Friday, August 28th. Bank of America started coverage on Best Buy in a research note on Monday, August 3rd. They set an "underperform" rating and a $80.00 price objective for the company. Morgan Stanley lifted their price objective on Best Buy from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Friday, August 28th. Finally, The Goldman Sachs Group lifted their price objective on Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $87.35.

Best Buy Profile

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels.

The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada.

Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.

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