Murphy Pohlad Asset Management LLC Makes New $906,000 Investment in Best Buy Co., Inc. $BBY

Key Points

• Murphy Pohlad Asset Management acquired 10,262 Best Buy shares worth approximately $906,000 in the third quarter. Institutional investors and hedge funds collectively own 80.96% of the company.
• Best Buy insiders sold significant holdings, including 116,062 shares sold by EVP Kathleen Scarlett and 300,000 shares sold by Chairman Richard M. Schulze; insiders own just 0.50% of the stock.
• Analysts maintain a consensus “Hold” rating with an $85.90 price target, while Best Buy recently reported better-than-expected quarterly earnings and pays a $0.96 quarterly dividend, yielding about 3.8%.

Murphy Pohlad Asset Management LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 10,262 shares of the technology retailer's stock, valued at approximately $906,000.

A number of other hedge funds have also modified their holdings of BBY. Tectonic Advisors LLC acquired a new position in shares of Best Buy in the 3rd quarter valued at $970,000. Manchester Capital Management LLC raised its holdings in Best Buy by 53.1% during the 3rd quarter. Manchester Capital Management LLC now owns 989 shares of the technology retailer's stock worth $81,000 after buying an additional 343 shares during the period. Farmers & Merchants Investments Inc. raised its holdings in Best Buy by 313.9% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 447 shares of the technology retailer's stock worth $39,000 after buying an additional 339 shares during the period. Capital Investment Advisors LLC lifted its stake in Best Buy by 1.6% during the third quarter. Capital Investment Advisors LLC now owns 15,152 shares of the technology retailer's stock valued at $1,337,000 after buying an additional 238 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new stake in Best Buy during the third quarter valued at about $1,543,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Kathleen Scarlett sold 116,062 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president owned 116,173 shares of the company's stock, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. 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 Best Buy stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The SEC filing for this sale provides additional information. 0.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent analyst reports. Evercore set a $95.00 price objective on shares of Best Buy in a research note on Tuesday. Guggenheim increased their target price on Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a report on Friday, August 28th. Loop Capital cut Best Buy from a "buy" rating to a "hold" rating and set a $82.00 target price for the company. in a research report on Monday, July 13th. Morgan Stanley raised their target price on Best Buy from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Friday, August 28th. Finally, Jefferies Financial Group downgraded Best Buy from a "buy" rating to a "hold" rating and lowered their price target for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. One research 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 given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $85.90.

Best Buy Stock Up 0.0%

BBY stock traded up $0.02 during midday trading on Friday, reaching $99.85. The company had a trading volume of 3,978,853 shares, compared to its average volume of 2,809,587. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $100.58. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $20.94 billion, a P/E ratio of 16.61, a PEG ratio of 2.49 and a beta of 1.26. The company has a 50 day moving average of $89.34 and a two-hundred day moving average of $78.59.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.8%. Best Buy's dividend payout ratio (DPR) is 63.89%.

Best Buy Company Profile

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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