Fulcrum Asset Management LLP Buys 40,105 Shares of Best Buy Co., Inc. $BBY

Key Points

• Fulcrum Asset Management increased its Best Buy stake by 40,105 shares, a 52,769.7% rise, ending the quarter with 40,181 shares valued at about $3.53 million.
• Analysts have a consensus “Hold” rating and an average price target of $87.35; shares opened at $106.36 in the reported session.
• Best Buy beat quarterly earnings and revenue estimates, reporting EPS of $1.47 and revenue of $9.78 billion. Its quarterly dividend of $0.96 per share equates to a 3.6% yield.

Fulcrum Asset Management LLP lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 52,769.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,181 shares of the technology retailer's stock after purchasing an additional 40,105 shares during the quarter. Fulcrum Asset Management LLP's holdings in Best Buy were worth $3,525,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Best Buy during the 2nd quarter worth $1,932,812,000. Bank of New York Mellon Corp acquired a new position in shares of Best Buy during the 2nd quarter valued at about $174,893,000. Deutsche Bank AG purchased a new stake in shares of Best Buy in the second quarter valued at about $116,003,000. KBC Group NV grew its holdings in shares of Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock valued at $101,745,000 after purchasing an additional 531,998 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of Best Buy by 113.4% in the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer's stock valued at $93,054,000 after purchasing an additional 770,339 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on BBY. Wedbush restated a "buy" rating on shares of Best Buy in a research report on Monday, August 24th. Evercore set a $100.00 price target on shares of Best Buy in a research note on Tuesday, October 27th. Citigroup raised their price target on shares of Best Buy from $88.00 to $102.00 and gave the stock a "neutral" rating in a report on Friday. Weiss Ratings downgraded shares of Best Buy from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, October 27th. Finally, Wells Fargo & Company lifted their price target on shares of Best Buy from $85.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $87.35.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 300,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the business's stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares of the company's stock, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Shares of Best Buy stock opened at $106.36 on Tuesday. The stock has a market capitalization of $22.31 billion, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 2.53 and a beta of 1.20. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The business has a 50-day moving average of $92.05 and a 200 day moving average of $76.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $106.83.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio is presently 63.89%.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels.

The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada.

Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.

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