International Assets Investment Management LLC Makes New Investment in Best Buy Co., Inc. $BBY

Key Points

• International Assets Investment Management LLC acquired 240,000 Best Buy shares worth approximately $21.2 million, while institutional investors collectively owned 80.96% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $86.15; recent targets range from $85 to $95.
• Best Buy exceeded quarterly earnings and revenue expectations, reporting $1.47 EPS and $9.78 billion in revenue. The company also pays a quarterly dividend of $0.96 per share, implying a 4.0% annualized yield.

International Assets Investment Management LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 240,000 shares of the technology retailer's stock, valued at approximately $21,178,000. International Assets Investment Management LLC owned approximately 0.11% of Best Buy at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BBY. B.A. Schrock Wealth Management Inc. purchased a new position in shares of Best Buy during the third quarter worth approximately $2,064,000. Corient Private Wealth LP purchased a new stake in Best Buy in the 2nd quarter valued at approximately $18,648,000. Munich Reinsurance Co Stock Corp in Munich grew its holdings in Best Buy by 80.0% during the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer's stock worth $7,016,000 after acquiring an additional 41,092 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Best Buy during the 2nd quarter worth $2,734,000. Finally, BlackRock Inc. acquired a new position in Best Buy during the second quarter worth about $1,932,812,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BBY shares. Jefferies Financial Group lowered 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 research note on Wednesday, August 5th. Piper Sandler lifted their price objective on Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a report on Thursday, August 20th. Guggenheim lifted their price objective on Best Buy from $90.00 to $95.00 and gave the stock a "buy" rating in a report on Friday, August 28th. UBS Group reiterated a "neutral" rating and set a $90.00 target price (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Finally, Telsey Advisory Group upped their target price on Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. One research 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 stock. According to data from MarketBeat, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $86.15.

Insider Buying and Selling

In related 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 transaction of $27,753,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction that occurred 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 sale, the executive vice president directly owned 116,173 shares of the company's stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. 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

Best Buy stock opened at $95.56 on Friday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $100.58. The company has a market capitalization of $20.04 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 2.51 and a beta of 1.26. The stock has a fifty day moving average of $90.37 and a two-hundred day moving average of $75.33. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were issued 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 4.0%. Best Buy's payout ratio is 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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