Sigma Planning Corp Takes Position in Best Buy Co., Inc. $BBY

Key Points

• Sigma Planning Corp acquired 16,999 Best Buy shares worth approximately $1.29 million in the second quarter, while institutional investors collectively own 80.96% of the company.
• Best Buy’s latest quarterly results exceeded expectations, with adjusted earnings of $1.47 per share and revenue of $9.78 billion; revenue increased 3.6% year over year.
• Analysts maintain a consensus “Hold” rating with an $85.40 price target. Best Buy also declared a quarterly dividend of $0.96 per share, representing a 4.8% annualized yield.

Sigma Planning Corp acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 16,999 shares of the technology retailer's stock, valued at approximately $1,290,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Woodline Partners LP raised its stake in Best Buy by 40.1% during the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock worth $1,210,000 after buying an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Best Buy by 4.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock worth $1,984,000 after acquiring an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario lifted its stake in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after purchasing an additional 7,288 shares during the period. Ieq Capital LLC boosted its position in shares of Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after purchasing an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock valued at $21,051,000 after purchasing an additional 76,102 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 224,705 shares of the firm's stock in a transaction dated 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 transaction, the chairman directly owned 10,430,936 shares of the company's stock, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 500,000 shares of company stock valued at $39,065,226 in the last three months. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Truist Financial set a $100.00 price target on Best Buy in a research note on Thursday. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 target price on the stock. in a research note on Monday, July 13th. Jefferies Financial Group downgraded shares of Best Buy from a "buy" rating to a "hold" rating and decreased their price target for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. The Goldman Sachs Group raised their target price on Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a research note on Friday. Finally, Wells Fargo & Company upped their price target on Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $85.40.

Best Buy Price Performance

BBY stock opened at $80.31 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The business has a 50-day simple moving average of $83.24 and a two-hundred day simple moving average of $71.45. The company has a market capitalization of $16.93 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 2.29 and a beta of 1.29. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company's quarterly revenue 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. Research analysts expect that Best Buy Co., Inc. will post 6.79 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be issued a $0.96 dividend. The ex-dividend date is Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.8%. Best Buy's dividend payout ratio is currently 63.89%.

Best Buy Company 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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