Brighton Jones LLC Purchases 20,834 Shares of Best Buy Co., Inc. $BBY

Key Points

• Brighton Jones increased its Best Buy stake by 178.8% in the third quarter, buying 20,834 shares to bring its holdings to 32,484 shares, valued at about $2.87 million.
• Institutional investors own 80.96% of Best Buy shares, while EVP Kathleen Scarlett and Chairman Richard Schulze reported selling shares.
• Best Buy reported quarterly EPS of $1.47, beating estimates of $1.39, and revenue rose 3.6% year over year to $9.78 billion. Its quarterly dividend was $0.96 per share.

Brighton Jones LLC increased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 178.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,484 shares of the technology retailer's stock after purchasing an additional 20,834 shares during the quarter. Brighton Jones LLC's holdings in Best Buy were worth $2,866,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Best Buy during the second quarter valued at $1,932,812,000. Bank of New York Mellon Corp purchased a new stake in Best Buy in the second quarter worth about $174,893,000. Deutsche Bank AG bought a new position in Best Buy during the 2nd quarter worth about $116,003,000. KBC Group NV grew its holdings in Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock worth $101,745,000 after acquiring an additional 531,998 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Best Buy by 113.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer's stock worth $93,054,000 after acquiring an additional 770,339 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 sale, the executive vice president owned 116,173 shares of the company's stock, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard Schulze sold 300,000 shares of the firm'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 transaction of $27,753,000.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.50% of the company's stock.

Best Buy Price Performance

Shares of BBY stock opened at $106.36 on Tuesday. The stock's 50-day moving average is $92.05 and its 200 day moving average is $76.30. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $106.83. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The company has a market cap 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 (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the previous year, the company posted $1.28 earnings per share. 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. Research analysts predict that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Truist Financial set a $100.00 price target on shares of Best Buy in a report on Thursday, August 27th. Wells Fargo & Company increased their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday. Wedbush reiterated a "buy" rating on shares of Best Buy in a research note on Monday, August 24th. Evercore set a $100.00 price objective on shares of Best Buy in a report on Tuesday, October 27th. Finally, Piper Sandler boosted their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $87.35.

About Best Buy

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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