Townsend & Associates Inc Buys 224,527 Shares of Best Buy Co., Inc. $BBY

Key Points

• Townsend & Associates acquired 224,527 Best Buy shares worth approximately $19.8 million, giving the fund a 0.11% stake and making Best Buy its 22nd-largest holding. Institutional investors collectively own 80.96% of the company.
• Best Buy reported quarterly EPS of $1.47 and revenue of $9.78 billion, exceeding analyst expectations, while revenue increased 3.6% year over year. Management guided fiscal 2027 EPS to $6.70–$6.90.
• The company declared a quarterly dividend of $0.96 per share, equivalent to an annualized $3.84 payout and a 3.8% yield. Analysts’ average rating remains “Hold,” with an average price target of $85.90.

Townsend & Associates Inc purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 224,527 shares of the technology retailer's stock, valued at approximately $19,812,000. Best Buy makes up approximately 1.7% of Townsend & Associates Inc's holdings, making the stock its 22nd largest holding. Townsend & Associates Inc owned about 0.11% of Best Buy as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. B.A. Schrock Wealth Management Inc. bought a new position in shares of Best Buy during the 3rd quarter worth about $2,064,000. Corient Private Wealth LP bought a new position in Best Buy during the second quarter worth about $18,648,000. Munich Reinsurance Co Stock Corp in Munich lifted its stake in Best Buy by 80.0% during the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer's stock worth $7,016,000 after purchasing an additional 41,092 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Best Buy during the second quarter valued at approximately $2,734,000. Finally, BlackRock Inc. acquired a new stake in Best Buy during the second quarter valued at approximately $1,932,812,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

NYSE BBY opened at $99.85 on Monday. The firm has a market cap of $20.94 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 2.50 and a beta of 1.26. The company has a 50 day moving average of $89.34 and a 200-day moving average of $78.69. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $100.58.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is currently 63.89%.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of Best Buy 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 completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard Schulze sold 300,000 shares of the business's stock in a transaction 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. Insiders own 0.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BBY shares. Truist Financial set a $100.00 price objective on Best Buy in a research note on Thursday, August 27th. Morgan Stanley raised their target price on Best Buy from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Friday, August 28th. Weiss Ratings upgraded Best Buy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Barclays boosted their price target on Best Buy from $77.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Finally, Telsey Advisory Group upped their price target on Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $85.90.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.

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