Signal Advisors Wealth LLC Buys 17,472 Shares of Best Buy Co., Inc. $BBY

Key Points

• Signal Advisors Wealth LLC acquired 17,472 Best Buy shares worth approximately $1.54 million in the third quarter, while institutional investors collectively own 80.96% of the company.
• Best Buy exceeded quarterly earnings and revenue expectations, reporting $1.47 EPS and $9.78 billion in revenue. The company also pays a quarterly dividend of $0.96 per share, equivalent to a 4.3% yield.
• Analyst sentiment remains mixed: Best Buy has a consensus rating of Hold and an average price target of $85.65, while two executives recently sold substantial holdings.

Signal Advisors Wealth LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 17,472 shares of the technology retailer's stock, valued at approximately $1,542,000.

Other large investors also recently modified their holdings of the company. MV Capital Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter valued at about $25,000. Bayban bought a new stake in Best Buy during the fourth quarter valued at approximately $33,000. Aberdeen Wealth Management LLC bought a new stake in Best Buy during the second quarter valued at approximately $38,000. Maseco LLP bought a new stake in Best Buy during the first quarter valued at approximately $37,000. Finally, Elevation Wealth Partners LLC increased its holdings in Best Buy by 2,120.7% during the second quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer's stock valued at $49,000 after buying an additional 615 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Price Performance

BBY stock opened at $88.98 on Thursday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $96.53. The company's fifty day moving average price is $87.68 and its 200-day moving average price is $77.16. 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 company has a market capitalization of $18.66 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 2.20 and a beta of 1.26.

Best Buy (NYSE:BBY - Get Free Report) last issued its 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 firm had revenue of $9.78 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio is 63.89%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the business's stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value 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. This represents a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Best Buy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Guggenheim lifted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. Wells Fargo & Company raised their target price on 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 Best Buy from a "hold" rating to a "buy" rating in a research note on Sunday. Finally, The Goldman Sachs Group raised their price objective on Best Buy from $62.00 to $71.00 and gave the stock a "sell" rating in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $85.65.

About Best Buy

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.