Best Buy Co., Inc. $BBY Position Lifted by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 7.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 212,549 shares of the technology retailer’s stock after acquiring an additional 15,128 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Best Buy were worth $18,755,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in BBY. Lido Advisors LLC grew its position in Best Buy by 345.2% during the third quarter. Lido Advisors LLC now owns 53,356 shares of the technology retailer’s stock worth $4,708,000 after buying an additional 41,370 shares during the period. Keybank National Association OH lifted its position in shares of Best Buy by 37.2% during the 3rd quarter. Keybank National Association OH now owns 20,107 shares of the technology retailer’s stock valued at $1,658,000 after acquiring an additional 5,451 shares during the period. New York Life Investment Management LLC boosted its stake in shares of Best Buy by 70.2% during the 3rd quarter. New York Life Investment Management LLC now owns 89,929 shares of the technology retailer’s stock worth $7,220,000 after acquiring an additional 37,088 shares in the last quarter. Global Wealth Management Investment Advisory Inc. purchased a new stake in shares of Best Buy during the 3rd quarter worth approximately $320,000. Finally, Alpha Family Trust purchased a new stake in shares of Best Buy during the 3rd quarter worth approximately $282,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Key Stories Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy’s fresh 52-week high reflects strong recent momentum. One analysis considers whether the stock has room to rise further, while other coverage points to future cash flow and valuation measures as reasons it may still be undervalued. Best Buy hits a fresh high Best Buy stock looks cheap based on future cash flow Is Best Buy undervalued?
• Positive Sentiment: Fresh analyst support and attention to BBY’s value appeal may help reinforce buying interest. Separate coverage also presents Best Buy as a potential dividend-stock candidate. Best Buy gets fresh analyst support Why Best Buy may be a dividend stock
• Neutral Sentiment: Two reports say Best Buy price targets were raised to $95 and $102. The increases signal improved analyst expectations, but both targets are below the recent share price, potentially limiting near-term upside according to those estimates. Price target raised to $95 Price target raised to $102

Best Buy Stock Performance

NYSE:BBY opened at $104.13 on Wednesday. The firm has a 50 day simple moving average of $92.52 and a 200-day simple moving average of $76.48. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The firm has a market cap of $21.84 billion, a PE ratio of 17.33, a P/E/G ratio of 2.66 and a beta of 1.20. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $106.83.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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. 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 quarter in the prior year, the firm posted $1.28 earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. 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 firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a $0.96 dividend. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 3.7%. Best Buy’s payout ratio is 63.89%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 300,000 shares of the firm’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares of the company’s stock, 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. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Guggenheim upped their price target on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 28th. DA Davidson raised Best Buy from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 24th. Bank of America started coverage on Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price on the stock. Evercore set a $100.00 target price on Best Buy in a report on Tuesday, October 27th. Finally, Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $85.00 in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Hold” and a consensus price target of $87.35.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.