Value Partners Investments Inc. Acquires 42,658 Shares of Best Buy Co., Inc. $BBY

Key Points

• Value Partners Investments acquired 42,658 Best Buy shares worth approximately $3.76 million, while institutional investors collectively own 80.96% of the company.
• Analyst sentiment remains mixed, with Best Buy carrying a consensus “Hold” rating and an average price target of $85.65, below its reported trading price of $91.06.
• Best Buy’s latest quarterly results exceeded expectations, with $1.47 EPS and $9.78 billion in revenue; the company also maintains a quarterly dividend of $0.96 per share, yielding about 4.2% annually.

Value Partners Investments Inc. acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 42,658 shares of the technology retailer's stock, valued at approximately $3,764,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kintegral Advisory LLC increased its position in Best Buy by 0.6% in the 3rd quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer's stock worth $2,100,000 after purchasing an additional 133 shares during the last quarter. Tema ETFs LLC lifted its holdings in shares of Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer's stock valued at $179,000 after buying an additional 145 shares during the last quarter. B. Metzler seel. Sohn & Co. AG lifted its holdings in shares of Best Buy by 1.0% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer's stock valued at $1,109,000 after buying an additional 151 shares during the last quarter. Ashurst Perkins Coie Trust Co lifted its holdings in shares of Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer's stock valued at $35,000 after buying an additional 169 shares during the last quarter. Finally, Center for Financial Planning Inc. grew its stake in shares of Best Buy by 4.9% in the 1st quarter. Center for Financial Planning Inc. now owns 4,319 shares of the technology retailer's stock valued at $277,000 after buying an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. DA Davidson upgraded Best Buy from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 24th. UBS Group reaffirmed a "neutral" rating and set a $90.00 price objective (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Wells Fargo & Company lifted their target price on shares of Best Buy from $65.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 11th. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Best Buy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Best Buy presently has an average rating of "Hold" and a consensus price target of $85.65.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction that occurred on Wednesday, September 23rd. The shares were 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 directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company's stock.

Best Buy Stock Down 1.7%

Shares of NYSE:BBY traded down $1.57 on Monday, reaching $91.06. The company had a trading volume of 1,811,504 shares, compared to its average volume of 4,132,243. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $96.53. The stock has a 50-day moving average price of $88.35 and a 200 day moving average price of $77.77. The stock has a market capitalization of $19.10 billion, a P/E ratio of 15.15, a P/E/G ratio of 2.31 and a beta of 1.26. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter in the prior year, the company posted $1.28 EPS. The firm's revenue 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 analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.2%. Best Buy's dividend payout ratio is presently 63.89%.

Best Buy 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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