EULAV Asset Management Buys 817,226 Shares of Best Buy Co., Inc. $BBY

Key Points

• EULAV Asset Management bought 817,226 Best Buy shares worth approximately $72.1 million, making BBY its fifth-largest holding and representing 0.39% of the company.
• Institutional ownership remains high at 80.96%, while analysts maintain a mostly neutral outlook: BBY has an average “Hold” rating and an average price target of $85.90.
• Best Buy exceeded quarterly earnings and revenue expectations, and pays a quarterly dividend of $0.96, equivalent to a 3.8% annualized yield.

EULAV Asset Management purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 817,226 shares of the technology retailer's stock, valued at approximately $72,112,000. Best Buy makes up approximately 2.6% of EULAV Asset Management's holdings, making the stock its 5th biggest holding. EULAV Asset Management owned 0.39% of Best Buy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of BBY. BlackRock Inc. purchased a new stake in Best Buy in the 2nd quarter worth about $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in Best Buy during the 2nd quarter worth about $174,893,000. KBC Group NV boosted its position 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 during the period. Deutsche Bank AG acquired a new stake in Best Buy during the 2nd quarter worth about $116,003,000. Finally, Renaissance Technologies LLC grew its stake 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 valued at $93,054,000 after acquiring an additional 770,339 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of research reports. Piper Sandler upped their target price on Best Buy from $77.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, August 20th. Weiss Ratings upgraded shares of Best Buy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Jefferies Financial Group cut shares of Best Buy from a "buy" rating to a "hold" rating and decreased their price target for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. Wells Fargo & Company boosted their price objective on shares of Best Buy from $65.00 to $85.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen upgraded shares of Best Buy from a "hold" rating to a "buy" rating in a research note on Sunday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $85.90.

Insiders Place Their Bets

In related news, EVP Kathleen Scarlett sold 116,062 shares of the company's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Richard Schulze sold 300,000 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.50% of the company's stock.

Best Buy Price Performance

NYSE BBY opened at $99.85 on Monday. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $20.94 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 2.50 and a beta of 1.26. The company has a 50 day moving average price of $89.34 and a two-hundred day moving average price of $78.69. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $100.58.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's payout ratio is presently 63.89%.

About Best Buy

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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