Fifth Third Bancorp Has $2.32 Million Stake in Best Buy Co., Inc. $BBY

Fifth Third Bancorp grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 293.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,095 shares of the technology retailer's stock after buying an additional 26,912 shares during the quarter. Fifth Third Bancorp's holdings in Best Buy were worth $2,317,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BBY. Candriam S.C.A. raised its position in Best Buy by 238.3% during the first quarter. Candriam S.C.A. now owns 463,160 shares of the technology retailer's stock valued at $29,735,000 after purchasing an additional 326,253 shares in the last quarter. Conning Inc. boosted its holdings in shares of Best Buy by 22.4% in the 1st quarter. Conning Inc. now owns 534,415 shares of the technology retailer's stock valued at $34,309,000 after purchasing an additional 97,705 shares in the last quarter. KLCM Advisors Inc. increased its stake in shares of Best Buy by 2.8% in the 1st quarter. KLCM Advisors Inc. now owns 130,405 shares of the technology retailer's stock valued at $8,372,000 after purchasing an additional 3,506 shares during the last quarter. Manning & Napier Advisors LLC raised its holdings in shares of Best Buy by 15.8% during the 1st quarter. Manning & Napier Advisors LLC now owns 11,597 shares of the technology retailer's stock worth $745,000 after buying an additional 1,583 shares in the last quarter. Finally, Elevated Capital Advisors LLC raised its holdings in shares of Best Buy by 3,903.9% during the 1st quarter. Elevated Capital Advisors LLC now owns 9,169 shares of the technology retailer's stock worth $589,000 after buying an additional 8,940 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of Best Buy stock opened at $85.20 on Wednesday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average price of $73.82 and a two-hundred day moving average price of $67.82. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $87.35. The company has a market cap of $17.96 billion, a P/E ratio of 15.78, a PEG ratio of 2.27 and a beta of 1.30.

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

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were issued a $0.96 dividend. 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 (DPR) is currently 71.11%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the sale, the chairman directly owned 10,930,586 shares of the company's stock, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the company'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 of the company's stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on BBY. Telsey Advisory Group set a $90.00 target price on Best Buy and gave the company an "outperform" rating in a research report on Friday, May 29th. Jefferies Financial Group lifted their price target on shares of Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Loop Capital cut shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective for the company. in a research report on Monday, July 13th. JPMorgan Chase & Co. increased their price objective on shares of Best Buy from $76.00 to $84.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Finally, BNP Paribas Exane increased their price target on Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and an average target price of $79.50.

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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