Meeder Asset Management Inc. Makes New $1.22 Million Investment in Best Buy Co., Inc. $BBY

Key Points

• Meeder Asset Management purchased 16,134 Best Buy shares worth approximately $1.22 million during the second quarter. Institutional investors collectively own 80.96% of the company.
• Best Buy exceeded quarterly earnings and revenue expectations, reporting $1.28 in EPS and $8.94 billion in revenue, while revenue rose 1.9% year over year. The company maintained fiscal 2027 EPS guidance of $6.30–$6.60.
• BBY traded at $87.33, near its 12-month high, and pays an annualized $3.84 dividend yielding 4.4%. Analysts remain cautious, with an average “Hold” rating and an $82.70 price target, while insiders have sold more than 1 million shares over the past 90 days.

Meeder Asset Management Inc. bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 16,134 shares of the technology retailer's stock, valued at approximately $1,224,000.

A number of other institutional investors have also modified their holdings of the stock. Concurrent Investment Advisors LLC boosted its position in shares of Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer's stock valued at $4,704,000 after purchasing an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in Best Buy during the fourth quarter valued at approximately $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in Best Buy by 42.9% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer's stock worth $15,059,000 after buying an additional 67,600 shares in the last quarter. Oxbow Advisors LLC bought a new stake in Best Buy during the fourth quarter worth approximately $6,295,000. Finally, Crossmark Global Holdings Inc. grew its position in Best Buy by 199.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer's stock worth $2,432,000 after buying an additional 24,219 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Price Performance

BBY opened at $87.33 on Wednesday. The firm has a market capitalization of $18.41 billion, a P/E ratio of 16.17, a PEG ratio of 2.49 and a beta of 1.29. The stock has a fifty day moving average of $81.57 and a 200-day moving average of $70.30. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy's quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy's dividend payout ratio is 71.11%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Best Buy from $65.00 to $85.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 11th. Bank of America started coverage on Best Buy in a research report on Monday, August 3rd. They set an "underperform" rating and a $80.00 target price on the stock. Wall Street Zen lowered Best Buy from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Jefferies Financial Group cut Best Buy from a "buy" rating to a "hold" rating and dropped their price target for the stock from $89.00 to $85.00 in a research note on Wednesday, August 5th. Finally, DA Davidson restated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a report on Monday, June 22nd. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $82.70.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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