Elevation Point Wealth Partners LLC Acquires Shares of 43,127 Best Buy Co., Inc. $BBY

Key Points

• Elevation Point Wealth Partners acquired 43,127 Best Buy shares worth approximately $3.27 million, while institutional investors collectively own 80.96% of the company.
• Best Buy reported quarterly EPS of $1.28, beating estimates of $1.23, as revenue rose 1.9% year over year to $8.94 billion. The company issued FY 2027 EPS guidance of $6.30–$6.60.
• Best Buy pays a quarterly dividend of $0.96 per share, equivalent to a 4.5% annual yield. Analysts maintain a consensus “Hold” rating with an average price target of $83.10, below the reported share price of $86.07.

Elevation Point Wealth Partners LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 43,127 shares of the technology retailer's stock, valued at approximately $3,273,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Concurrent Investment Advisors LLC raised its stake in shares of Best Buy by 100.6% during the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer's stock valued at $4,704,000 after acquiring an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Best Buy in the fourth quarter valued at approximately $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in Best Buy by 42.9% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer's stock worth $15,059,000 after purchasing an additional 67,600 shares in the last quarter. Oxbow Advisors LLC bought a new position in Best Buy in the fourth quarter worth approximately $6,295,000. Finally, Crossmark Global Holdings Inc. increased its holdings in Best Buy by 199.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer's stock worth $2,432,000 after purchasing an additional 24,219 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $86.07 on Friday. The firm has a 50 day moving average of $82.15 and a 200 day moving average of $70.72. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $18.14 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion for the quarter, compared to analysts' expectations of $8.82 billion. During the same quarter last year, the firm earned $1.15 EPS. The business's revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.57 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy's dividend payout ratio is 71.11%.

Analyst Ratings Changes

BBY has been the subject of a number of research analyst reports. Evercore lifted their target price on Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Morgan Stanley raised their price target on Best Buy from $72.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, May 29th. Wells Fargo & Company raised their price target on Best Buy from $65.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 11th. Loop Capital downgraded Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective for the company. in a report on Monday, July 13th. Finally, Bank of America started coverage on shares of Best Buy in a research note on Monday, August 3rd. They issued an "underperform" rating and a $80.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Hold" and a consensus target price of $83.10.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares of the company's stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by corporate insiders.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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