Isthmus Partners LLC Purchases 206,913 Shares of Best Buy Co., Inc. $BBY

Key Points

• Isthmus Partners LLC acquired 206,913 Best Buy shares worth approximately $18.3 million, representing about 0.10% of the company and 1.7% of the investment firm’s portfolio.
• Best Buy reported quarterly earnings of $1.47 per share, beating estimates of $1.39, while revenue rose 3.6% year over year to $9.78 billion. The company also pays a quarterly dividend of $0.96 per share, for an annualized yield of about 3.8%.
• BBY shares opened at $99.78, near their 12-month high, but analyst sentiment remains mixed: the stock carries an average “Hold” rating with an $85.90 consensus price target. Meanwhile, two insiders sold substantial amounts of stock, including a combined $38.4 million in reported transactions.

Isthmus Partners LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 206,913 shares of the technology retailer's stock, valued at approximately $18,258,000. Best Buy comprises 1.7% of Isthmus Partners LLC's holdings, making the stock its 13th largest position. Isthmus Partners LLC owned approximately 0.10% of Best Buy as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Root Financial Partners LLC acquired a new position in Best Buy in the 3rd quarter valued at approximately $228,000. E. Ohman J or Asset Management AB grew its holdings in shares of Best Buy by 99.0% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 18,789 shares of the technology retailer's stock worth $1,658,000 after purchasing an additional 9,347 shares in the last quarter. Reyes Financial Architecture Inc. acquired a new stake in shares of Best Buy during the 3rd quarter worth approximately $109,000. Woodward Diversified Capital LLC bought a new stake in shares of Best Buy during the third quarter valued at approximately $311,000. Finally, Diligent Investors LLC bought a new stake in shares of Best Buy during the third quarter valued at approximately $566,000. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 6.0%

BBY opened at $99.78 on Friday. The firm's 50-day simple moving average is $89.08 and its 200-day simple moving average is $78.44. 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 Co., Inc. has a twelve month low of $55.10 and a twelve month high of $99.92. The firm has a market cap of $20.93 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 2.35 and a beta of 1.26.

Best Buy (NYSE:BBY - Get Free Report) last announced 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. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period last year, the firm posted $1.28 EPS. The firm's quarterly revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal 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 issued a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 3.8%. Best Buy's dividend payout ratio (DPR) is presently 63.89%.

Insider Activity at Best Buy

In other news, EVP Kathleen Scarlett sold 116,062 shares of the business's stock in a transaction that occurred 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 transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the firm's stock in a transaction 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 disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on BBY shares. Guggenheim upped their target price on Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Telsey Advisory Group boosted their price target on shares of Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Truist Financial set a $100.00 price objective on shares of Best Buy in a research note on Thursday, August 27th. Evercore set a $95.00 price objective on shares of Best Buy in a report on Tuesday. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $85.90.

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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