Best Buy Co., Inc. $BBY Stock: Crossmark Global Holdings Inc. Grows Holdings

Key Points

• Crossmark Global Holdings increased its Best Buy stake by 145.9% in the third quarter, holding 32,448 shares valued at approximately $2.86 million. Institutional investors collectively own 80.96% of BBY.
• Analysts maintain a generally cautious outlook, with Best Buy receiving an average rating of “Hold” and a consensus price target of $85.90, below its reported opening price of $99.85.
• Best Buy exceeded quarterly expectations, reporting $1.47 in EPS and $9.78 billion in revenue, while maintaining a quarterly dividend of $0.96 per share, equivalent to a 3.8% annualized yield.

Crossmark Global Holdings Inc. lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 145.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,448 shares of the technology retailer's stock after buying an additional 19,253 shares during the period. Crossmark Global Holdings Inc.'s holdings in Best Buy were worth $2,863,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 target price on the stock. in a report on Monday, July 13th. Piper Sandler upped their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a report on Thursday, August 20th. Truist Financial set a $100.00 price target on shares of Best Buy in a report on Thursday, August 27th. Evercore set a $95.00 price target on shares of Best Buy in a research report on Tuesday. Finally, UBS Group reissued a "neutral" rating and issued a $90.00 price objective (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Best Buy presently has an average rating of "Hold" and a consensus target price of $85.90.

Best Buy Stock Up 0.0%

Shares of NYSE BBY opened at $99.85 on Friday. 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 company has a market cap of $20.94 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 2.50 and a beta of 1.26. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $100.58. The stock has a 50-day moving average price of $89.34 and a two-hundred day moving average price of $78.59.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating 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 company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same period in the previous year, the firm posted $1.28 EPS. The firm'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, 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. Stockholders of record on Thursday, September 17th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is presently 63.89%.

Insider Transactions at Best Buy

In other news, EVP Kathleen Scarlett sold 116,062 shares of the business'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 sale, the executive vice president directly 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 document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard 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 SEC filing for this sale provides additional information. Company insiders own 0.50% of the company's stock.

Best Buy Profile

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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