Mitchell & Pahl Private Wealth LLC Acquires New Shares in Best Buy Co., Inc. $BBY

Key Points

• Mitchell & Pahl Private Wealth LLC acquired 23,511 Best Buy shares in the third quarter, valued at approximately $2.1 million. Institutional investors collectively own 80.96% of the company.
• Best Buy shares rose 1.2% to $88.98, while the company reported quarterly EPS of $1.47 and revenue of $9.78 billion, both above analyst expectations. Revenue increased 3.6% year over year.
• Best Buy maintains a quarterly dividend of $0.96 per share, equivalent to a 4.3% annualized yield, while analysts’ consensus rating remains “Hold” with an average price target of $85.65.

Mitchell & Pahl Private Wealth 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 13F filing with the Securities & Exchange Commission. The fund acquired 23,511 shares of the technology retailer's stock, valued at approximately $2,075,000.

Several other large investors have also recently bought and sold shares of the company. MV Capital Management Inc. acquired a new position in shares of Best Buy in the 4th quarter valued at $25,000. Bayban bought a new position in Best Buy during the fourth quarter worth about $33,000. Aberdeen Wealth Management LLC acquired a new position in Best Buy in the second quarter valued at about $38,000. Maseco LLP acquired a new position in Best Buy in the first quarter valued at about $37,000. Finally, Elevation Wealth Partners LLC raised its position in shares of Best Buy by 2,120.7% during the second quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer's stock worth $49,000 after purchasing an additional 615 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 1.2%

Shares of NYSE:BBY traded up $1.02 during mid-day trading on Wednesday, reaching $88.98. 1,980,307 shares of the stock were exchanged, compared to its average volume of 4,146,414. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The company has a market cap of $18.66 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.17 and a beta of 1.26. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $96.53. The stock's 50 day simple moving average is $87.68 and its 200-day simple moving average is $77.16.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. Best Buy's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors 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 annualized dividend and a yield of 4.3%. Best Buy's dividend payout ratio is presently 63.89%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BBY shares. Wedbush reiterated a "buy" rating on shares of Best Buy in a research report on Monday, August 24th. Wells Fargo & Company raised their target price on shares of Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Wall Street Zen raised shares of Best Buy from a "hold" rating to a "buy" rating in a research note on Sunday. UBS Group reaffirmed 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, Truist Financial set a $100.00 price target on shares of Best Buy in a report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of "Hold" and an average target price of $85.65.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction on Wednesday, September 23rd. The shares were 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 owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.50% of the company's stock.

Best Buy Company Profile

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.