B.A. Schrock Wealth Management Inc. Purchases 23,536 Shares of Best Buy Co., Inc. $BBY

B.A. Schrock Wealth Management Inc. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 23,536 shares of the technology retailer’s stock, valued at approximately $2,064,000.

A number of other large investors have also recently bought and sold shares of the stock. MV Capital Management Inc. acquired a new position in Best Buy during the fourth quarter worth $25,000. Ashurst Perkins Coie Trust Co boosted its stake in shares of Best Buy by 75.1% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after purchasing an additional 169 shares in the last quarter. Bayban acquired a new stake in shares of Best Buy in the 4th quarter valued at $33,000. Aberdeen Wealth Management LLC bought a new stake in shares of Best Buy in the 2nd quarter worth about $38,000. Finally, Maseco LLP acquired a new position in Best Buy in the first quarter valued at about $37,000. 80.96% of the stock is currently owned by institutional investors.

Insider Activity at Best Buy

In other news, EVP Kathleen Scarlett sold 116,062 shares of the firm’s 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 transaction, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. This trade represents a 49.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.50% of the company’s stock.

Best Buy Stock Performance

BBY stock opened at $88.98 on Thursday. The company has a 50 day moving average price of $87.68 and a 200 day moving average price of $77.16. The stock has a market capitalization of $18.66 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 2.20 and a beta of 1.26. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $96.53. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given 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 4.3%. Best Buy’s payout ratio is currently 63.89%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, August 28th. Piper Sandler lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Weiss Ratings raised Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. DA Davidson raised Best Buy from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 24th. Finally, Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $85.00 in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.