Howard Capital Management LLC Acquires 49,959 Shares of Best Buy Co., Inc. $BBY

Key Points

• Howard Capital Management increased its Best Buy stake by 179.6% in the third quarter, purchasing 49,959 additional shares and bringing its total holdings to 77,770 shares valued at approximately $6.86 million. Institutional investors and hedge funds collectively own 80.96% of Best Buy.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $85.65. Best Buy recently exceeded quarterly earnings and revenue estimates, reporting $1.47 in EPS on $9.78 billion in revenue.
• Best Buy shares recently traded at $92.87, near their 12-month high, while insiders disclosed significant sales, including 300,000 shares sold by Chairman Richard Schulze. The company also pays a quarterly dividend of $0.96 per share, equivalent to a 4.1% annualized yield.

Howard Capital Management LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 179.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,770 shares of the technology retailer's stock after purchasing an additional 49,959 shares during the quarter. Howard Capital Management LLC's holdings in Best Buy were worth $6,862,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of BBY. BlackRock Inc. acquired a new stake in shares of Best Buy in the second quarter worth about $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. Hsbc Holdings PLC increased its holdings in shares of Best Buy by 104.1% during the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock valued at $135,685,000 after acquiring an additional 1,030,544 shares during the last quarter. Deutsche Bank AG bought a new position in shares of Best Buy in the 2nd quarter valued at approximately $116,003,000. Finally, KBC Group NV raised its stake in shares of Best Buy by 50.5% in the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock valued at $101,745,000 after acquiring an additional 531,998 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BBY shares. Weiss Ratings raised Best Buy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Loop Capital downgraded Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target on the stock. in a report on Monday, July 13th. Wedbush reissued a "buy" rating on shares of Best Buy in a research report on Monday, August 24th. Wall Street Zen upgraded shares of Best Buy from a "hold" rating to a "buy" rating in a research note on Sunday, October 11th. Finally, Truist Financial set a $100.00 price objective on shares of Best Buy in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $85.65.

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 116,062 shares of the firm's stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares of the company's stock, valued at $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of Best Buy 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. Insiders own 0.50% of the company's stock.

Best Buy Stock Performance

BBY stock traded down $1.30 during trading on Friday, reaching $92.87. 3,397,133 shares of the stock were exchanged, compared to its average volume of 3,108,064. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $96.53. The company has a market capitalization of $19.48 billion, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 2.35 and a beta of 1.26. The stock has a 50 day simple moving average of $88.18 and a 200-day simple moving average of $77.49. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36.

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, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $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 anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.1%. Best Buy's payout ratio is currently 63.89%.

About Best Buy

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

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