New Wave Wealth Advisors LLC Takes $405,000 Position in Best Buy Co., Inc. $BBY

Key Points

• New Wave Wealth Advisors LLC acquired a $405,000 stake in Best Buy, purchasing 6,026 shares during the 2nd quarter, according to their latest 13F filing with the SEC.
• Best Buy's recent earnings report revealed an EPS of $1.28, exceeding expectations, with revenues reaching $9.44 billion for the quarter, a 1.6% increase from the previous year.
• The company declared a quarterly dividend of $0.95 per share, with an annualized yield of 4.9%, scheduled for payment on October 9th.

New Wave Wealth Advisors LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,026 shares of the technology retailer's stock, valued at approximately $405,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after purchasing an additional 408,605 shares in the last quarter. Invesco Ltd. boosted its position in Best Buy by 6.4% during the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock valued at $289,051,000 after purchasing an additional 234,669 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Best Buy by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer's stock valued at $240,173,000 after purchasing an additional 105,710 shares in the last quarter. AQR Capital Management LLC boosted its position in Best Buy by 36.5% during the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after purchasing an additional 671,408 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in Best Buy by 3.3% during the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer's stock valued at $122,577,000 after purchasing an additional 52,550 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 2.3%

Best Buy stock opened at $77.33 on Thursday. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $101.42. The company has a market capitalization of $16.25 billion, a price-to-earnings ratio of 21.36, a price-to-earnings-growth ratio of 1.99 and a beta of 1.23. The stock has a 50-day moving average price of $72.43 and a 200 day moving average price of $70.06.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the company posted $1.34 earnings per share. The company's revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 4.9%. The ex-dividend date is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent research reports. Truist Financial raised their price objective on Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a research report on Friday, August 29th. Bank of America lowered their price target on Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a report on Friday, August 29th. Evercore ISI raised their price target on Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a report on Friday, August 29th. Wells Fargo & Company raised their price target on Best Buy from $67.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Finally, Guggenheim reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $81.50.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the completion of the transaction, the chief accounting officer directly owned 22,150 shares in the company, valued at approximately $1,640,650.50. This trade represents a 14.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 201,833 shares of company stock valued at $14,941,472. 0.47% of the stock is owned by company insiders.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.

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