Commerce Bank Buys New Stake in Best Buy Co., Inc. $BBY

Commerce Bank purchased a new position in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 19,052 shares of the technology retailer’s stock, valued at approximately $1,446,000.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in Best Buy in the 2nd quarter valued at about $1,932,812,000. Vanguard Group Inc. grew its holdings in shares of Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after buying an additional 307,905 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Best Buy by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after buying an additional 2,160,968 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Best Buy by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock valued at $498,805,000 after buying an additional 160,713 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Best Buy by 6.1% during the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after buying an additional 271,988 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Citigroup raised their target price on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Wedbush reissued a “buy” rating on shares of Best Buy in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Bank of America initiated coverage on Best Buy in a research note on Monday, August 3rd. They issued an “underperform” rating and a $80.00 target price for the company. Finally, BNP Paribas Exane raised their price target on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $83.10.

Best Buy Trading Down 2.5%

Shares of BBY stock opened at $85.33 on Wednesday. The firm’s 50 day moving average price is $82.55 and its two-hundred day moving average price is $71.03. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a market cap of $17.98 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the previous year, the business posted $1.15 EPS. The business’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts anticipate that Best Buy Co., Inc. will post 6.58 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.