Stegent Equity Advisors Inc. Buys New Position in Best Buy Co., Inc. $BBY

Key Points

• Stegent Equity Advisors purchased 14,327 Best Buy shares worth approximately $1.26 million in the third quarter. Institutional investors collectively own 80.96% of BBY.
• Best Buy reported stronger-than-expected quarterly results, with earnings of $1.47 per share and revenue of $9.78 billion, up 3.6% year over year. The company guided to fiscal 2027 earnings of $6.70–$6.90 per share.
• Best Buy pays a quarterly dividend of $0.96 per share, equivalent to a 4.4% yield, while analysts maintain a consensus “Hold” rating with an $85.65 target price.

Stegent Equity Advisors Inc. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 14,327 shares of the technology retailer's stock, valued at approximately $1,264,000.

Several other large investors also recently made changes to their positions in BBY. BlackRock Inc. acquired a new position in shares of Best Buy during the second quarter worth about $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in Best Buy in the 2nd quarter valued at approximately $174,893,000. Hsbc Holdings PLC raised its position in Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock valued at $135,685,000 after buying an additional 1,030,544 shares during the last quarter. Deutsche Bank AG bought a new stake in Best Buy in the 2nd quarter valued at approximately $116,003,000. Finally, KBC Group NV lifted its stake in Best Buy by 50.5% in the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock valued at $101,745,000 after acquiring an additional 531,998 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 0.0%

NYSE BBY opened at $87.02 on Tuesday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $96.53. 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 stock has a 50 day moving average of $87.55 and a 200-day moving average of $76.79. The company has a market cap of $18.25 billion, a PE ratio of 14.48, a PEG ratio of 2.17 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. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. During the same period in the previous year, the company 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. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.82 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were paid a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.4%. Best Buy's payout ratio is currently 63.89%.

Insider Activity

In related news, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value 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.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Loop Capital downgraded Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target for the company. in a research report on Monday, July 13th. Guggenheim lifted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a report on Friday, August 28th. UBS Group reissued a "neutral" rating and issued a $90.00 price objective (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Truist Financial set a $100.00 target price on shares of Best Buy in a report on Thursday, August 27th. Finally, Wall Street Zen upgraded shares of Best Buy from a "hold" rating to a "buy" rating in a report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $85.65.

Best Buy Company Profile

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.

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.