Kornitzer Capital Management Inc. KS Makes New $1.14 Million Investment in Best Buy Co., Inc. $BBY

Kornitzer Capital Management Inc. KS acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,938 shares of the technology retailer's stock, valued at approximately $1,142,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AlphaCentric Advisors LLC purchased a new position in shares of Best Buy during the third quarter valued at approximately $152,000. Parallel Advisors LLC grew its stake in Best Buy by 31.8% in the 3rd quarter. Parallel Advisors LLC now owns 3,634 shares of the technology retailer's stock worth $321,000 after acquiring an additional 876 shares during the period. Asset Dedication LLC purchased a new stake in Best Buy in the 3rd quarter worth approximately $27,000. United Advisor Group LLC acquired a new position in Best Buy in the 3rd quarter valued at $468,000. Finally, Carmel Capital Partners LLC acquired a new position in Best Buy in the 3rd quarter valued at $845,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

NYSE:BBY opened at $106.36 on Tuesday. The company has a market cap of $22.31 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.53 and a beta of 1.20. The firm's 50 day moving average is $92.05 and its two-hundred day moving average is $76.30. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $106.83. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY - Get Free Report) last announced 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 company had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

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

Insider Activity

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the company's stock in a transaction dated Wednesday, September 16th. The stock was 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 Securities & Exchange Commission, which is available through this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm's stock in a transaction dated 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 owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the topic of several analyst reports. Citigroup raised their price objective on Best Buy from $88.00 to $102.00 and gave the stock a "neutral" rating in a report on Friday. Morgan Stanley upped their target price on Best Buy from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Friday, August 28th. Jefferies Financial Group downgraded Best Buy from a "buy" rating to a "hold" rating and reduced their target price for the stock from $89.00 to $85.00 in a research report on Wednesday, August 5th. UBS Group reissued a "neutral" rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. Finally, Wedbush restated a "buy" rating on shares of Best Buy in a report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $87.35.

Best Buy Company Profile

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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