Best Buy Co., Inc. $BBY Shares Newly Acquired by Rakuten Investment Management Inc.

Rakuten Investment 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 35,698 shares of the technology retailer’s stock, valued at approximately $3,168,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clark Wealth Partners bought a new stake in Best Buy during the third quarter worth about $29,000. Ashurst Perkins Coie Trust Co boosted its stake in Best Buy by 75.1% in the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after acquiring an additional 169 shares during the last quarter. Aberdeen Wealth Management LLC acquired a new stake in shares of Best Buy during the second quarter worth $38,000. Farmers & Merchants Investments Inc. boosted its stake in Best Buy by 313.9% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 447 shares of the technology retailer’s stock worth $39,000 after acquiring an additional 339 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its position in shares of Best Buy by 65.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 730 shares of the technology retailer’s stock valued at $47,000 after buying an additional 290 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction dated Wednesday, September 23rd. The stock was 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 owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard Schulze sold 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were 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. Company insiders own 0.50% of the company’s stock.

Best Buy Stock Up 0.2%

Shares of NYSE:BBY traded up $0.18 during trading on Friday, hitting $99.58. 2,739,735 shares of the company were exchanged, compared to its average volume of 2,866,252. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $103.54. The stock has a market cap of $20.89 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 2.40 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The firm has a fifty day moving average price of $91.57 and a two-hundred day moving average price of $76.10.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The business 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%. The firm’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the business earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were paid 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 3.9%. Best Buy’s payout ratio is currently 63.89%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Evercore set a $100.00 price target on shares of Best Buy in a research note on Tuesday, October 27th. Wells Fargo & Company boosted their price target on Best Buy from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday. Barclays boosted their target price on Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 28th. The Goldman Sachs Group upped their price target on Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a research report on Friday, August 28th. Finally, Telsey Advisory Group lifted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. One investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $87.35.

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.