Means Investment CO. Inc. Purchases 126,499 Shares of Best Buy Co., Inc. $BBY

Key Points

• Means Investment acquired 126,499 Best Buy shares in the third quarter, worth about $11.16 million. The stake represented roughly 0.06% of Best Buy and 0.8% of Means Investment’s portfolio.
• Institutional investors and hedge funds collectively owned about 80.96% of Best Buy; meanwhile, Chairman Richard Schulze and EVP Kathleen Scarlett reported substantial share sales.
• Best Buy beat quarterly earnings and revenue estimates, with sales up 3.6% year over year. Analysts’ consensus rating was Hold, with an average price target of $87.35, and the company’s annualized dividend yield was reported at 3.9%.

Means Investment CO. Inc. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 126,499 shares of the technology retailer's stock, valued at approximately $11,162,000. Best Buy accounts for about 0.8% of Means Investment CO. Inc.'s investment portfolio, making the stock its 23rd biggest position. Means Investment CO. Inc. owned about 0.06% of Best Buy at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Best Buy in the 2nd quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp purchased a new position in Best Buy in the second quarter worth approximately $174,893,000. KBC Group NV grew its position in Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock worth $101,745,000 after acquiring an additional 531,998 shares during the period. Deutsche Bank AG acquired a new stake in Best Buy during the second quarter worth $116,003,000. Finally, Renaissance Technologies LLC increased its stake in Best Buy by 113.4% during the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer's stock worth $93,054,000 after acquiring an additional 770,339 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other news, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was 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 available at this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the business'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 transaction, the executive vice president directly owned 116,173 shares of the company's stock, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by company insiders.

Best Buy Price Performance

Best Buy stock opened at $99.58 on Monday. 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 Co., Inc. has a 52-week low of $55.10 and a 52-week high of $103.54. The firm has a market cap of $20.89 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 2.49 and a beta of 1.20. The company's 50 day moving average is $91.57 and its two-hundred day moving average is $76.10.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping 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 business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter in the previous year, the firm posted $1.28 earnings per share. The company's quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, research analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were given a $0.96 dividend. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 3.9%. Best Buy's dividend payout ratio (DPR) is currently 63.89%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BBY. Loop Capital lowered Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. Truist Financial set a $100.00 price objective on shares of Best Buy in a report on Thursday, August 27th. Wells Fargo & Company upped their target price 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. Evercore set a $100.00 target price on shares of Best Buy in a research report on Tuesday, October 27th. Finally, Barclays increased their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Best Buy presently has an average 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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