Spirepoint Private Client LLC Makes New Investment in Best Buy Co., Inc. $BBY

Key Points

• Spirepoint Private Client LLC has acquired 15,524 shares of Best Buy Co., Inc. valued at approximately $1,042,000, according to their recent 13F filing.
• Wall Street analysts have mixed ratings on Best Buy; the stock's consensus target price is $81.50, with nine analysts rating it a Buy and one a Sell.
• Best Buy recently announced a quarterly dividend of $0.95 per share, yielding 5.0%, with a payout ratio of 104.97%.

Spirepoint Private Client LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 15,524 shares of the technology retailer's stock, valued at approximately $1,042,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. IFM Investors Pty Ltd increased its position in shares of Best Buy by 6.6% during the second quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer's stock valued at $3,284,000 after acquiring an additional 3,040 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after purchasing an additional 13,378 shares during the period. GAMMA Investing LLC grew its position in Best Buy by 5,519.3% in the 1st quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after purchasing an additional 170,050 shares during the period. Rhumbline Advisers grew its position in Best Buy by 10.2% in the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after purchasing an additional 46,645 shares during the period. Finally, Blackhawk Capital Partners LLC. bought a new stake in Best Buy in the 1st quarter worth approximately $1,574,000. Institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research note on Friday, August 29th. Piper Sandler reiterated a "neutral" rating and set a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. UBS Group dropped their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Wedbush lifted their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $88.00 to $89.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $81.50.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at approximately $1,640,650.50. The trade was a 14.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 196,100 shares of the business's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,833 shares of company stock worth $14,941,472. 0.47% of the stock is owned by corporate insiders.

Best Buy Stock Up 2.6%

BBY opened at $76.14 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.48. The firm's fifty day moving average is $71.92 and its 200 day moving average is $69.96. The stock has a market cap of $16.00 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 1.95 and a beta of 1.19.

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

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be paid a dividend of $0.95 per share. The ex-dividend date is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.0%. Best Buy's payout ratio is 104.97%.

Best Buy Company 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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