EP Wealth Advisors LLC Makes New Investment in Best Buy Co., Inc. $BBY

EP Wealth Advisors LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 23,015 shares of the technology retailer's stock, valued at approximately $1,746,000.

Other large investors also recently made changes to their positions in the company. Tema ETFs LLC boosted its holdings in shares of Best Buy by 6.5% during the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer's stock worth $179,000 after purchasing an additional 145 shares during the period. Krane Funds Advisors LLC grew its position in Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer's stock valued at $346,000 after purchasing an additional 151 shares in the last quarter. Applied Finance Capital Management LLC increased its stake in Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer's stock valued at $286,000 after buying an additional 157 shares during the period. J. Team Financial Inc. lifted its position in Best Buy by 4.2% in the 4th quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer's stock worth $285,000 after buying an additional 171 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in Best Buy by 6.2% in the 4th quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer's stock worth $211,000 after buying an additional 185 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Up 0.4%

Best Buy stock opened at $86.07 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The firm has a fifty day moving average price of $82.15 and a two-hundred day moving average price of $70.72. The firm has a market cap of $18.14 billion, a price-to-earnings ratio of 15.94, a P/E/G ratio of 2.47 and a beta of 1.29.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly 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. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm's revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts forecast that Best Buy Co., Inc. will post 6.57 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. Best Buy's dividend payout ratio (DPR) is 71.11%.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 500,350 shares of the firm's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the firm's stock in a transaction 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 in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,002,134 shares of company stock worth $77,283,527. Company insiders own 0.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BBY. Jefferies Financial Group lowered shares of Best Buy from a "buy" rating to a "hold" rating and decreased their target price for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. UBS Group reiterated a "neutral" rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Bank of America began coverage on Best Buy in a research report on Monday, August 3rd. They set an "underperform" rating and a $80.00 price objective for the company. Truist Financial raised Best Buy from a "hold" rating to a "buy" rating and lifted their price objective for the company from $81.00 to $95.00 in a research report on Tuesday, August 11th. Finally, The Goldman Sachs Group boosted their target price on Best Buy from $59.00 to $62.00 and gave the company a "sell" rating in a research note on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $83.10.

Best Buy 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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