SteelPeak Wealth LLC Acquires 52,860 Shares of Best Buy Co., Inc. $BBY

Key Points

• SteelPeak Wealth LLC acquired 52,860 Best Buy shares during the third quarter, valued at approximately $4.6 million. Institutional investors collectively own 80.96% of the company.
• Best Buy reported quarterly earnings of $1.47 per share, surpassing estimates, while revenue rose 3.6% year over year to $9.78 billion. The company also pays a quarterly dividend of $0.96 per share, representing a 4.1% yield.
• Analyst sentiment remains mixed, with Best Buy carrying a consensus “Hold” rating and an average price target of $85.65. Meanwhile, company insiders recently sold significant shares, including 300,000 shares sold by Chairman Richard Schulze.

SteelPeak Wealth LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 52,860 shares of the technology retailer's stock, valued at approximately $4,602,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. MV Capital Management Inc. bought a new position in shares of Best Buy in the 4th quarter valued at about $25,000. Ashurst Perkins Coie Trust Co increased its stake in shares of Best Buy by 75.1% during the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer's stock worth $35,000 after purchasing an additional 169 shares during the period. Bayban acquired a new stake in shares of Best Buy during the fourth quarter worth $33,000. Aberdeen Wealth Management LLC bought a new stake in Best Buy in the 2nd quarter valued at about $38,000. Finally, Maseco LLP acquired a new stake in Best Buy during the first quarter worth approximately $37,000. Institutional investors own 80.96% of the company's stock.

Insiders Place Their Bets

In related news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction on 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 sale, the executive vice president owned 116,173 shares in the company, 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 filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard Schulze sold 300,000 shares of the firm's 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 disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of BBY opened at $92.87 on Friday. The stock has a 50 day moving average of $88.18 and a 200 day moving average of $77.49. 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 $19.48 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 2.31 and a beta of 1.26. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $96.53.

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, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the prior year, the business earned $1.28 earnings per share. The firm's revenue for the quarter was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Thursday, September 17th. Best Buy's payout ratio is presently 63.89%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. DA Davidson upgraded shares of Best Buy from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 24th. Jefferies Financial Group lowered shares of Best Buy from a "buy" rating to a "hold" rating and cut their price target for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. The Goldman Sachs Group increased their target price on shares of Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a research report on Friday, August 28th. Loop Capital downgraded Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective on the stock. in a research note on Monday, July 13th. Finally, Guggenheim lifted their price target on shares of Best Buy from $90.00 to $95.00 and gave the company a "buy" 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 given a Sell rating to the company's stock. According to MarketBeat, Best Buy has an average rating of "Hold" and a consensus target price 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.

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