Elevation Point Wealth Partners LLC Makes New $2.85 Million Investment in Best Buy Co., Inc. $BBY

Key Points

• Elevation Point Wealth Partners opened a new position in Best Buy during Q1, buying 44,393 shares valued at about $2.85 million.
• Best Buy’s latest quarter topped expectations, with EPS of $1.28 on revenue of $8.94 billion, and the company reiterated FY2027 guidance of 6.3 to 6.6 EPS.
• The company also announced a quarterly dividend of $0.96 per share, implying an annualized yield of about 4.9%, while analysts currently rate the stock a consensus Hold with an average price target of $79.50.

Elevation Point Wealth Partners LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 44,393 shares of the technology retailer's stock, valued at approximately $2,851,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Palisade Asset Management LLC purchased a new position in Best Buy in the third quarter worth $25,000. MV Capital Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at about $25,000. Torren Management LLC bought a new stake in Best Buy during the fourth quarter worth about $25,000. Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy in the 4th quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its holdings in shares of Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after purchasing an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares of the company's stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. This represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 in the last quarter. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on BBY. Truist Financial increased their price objective on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a research report on Friday, May 29th. DA Davidson reaffirmed a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday, June 22nd. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a research note on Monday, June 22nd. BNP Paribas Exane increased their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Finally, Wedbush lifted their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $79.50.

Best Buy Stock Down 0.2%

Shares of NYSE:BBY opened at $77.81 on Friday. The stock's 50-day moving average price is $68.18 and its 200-day moving average price is $66.81. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. The stock has a market capitalization of $16.40 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy's revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy's payout ratio is 71.11%.

Best Buy Company Profile

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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