Best Buy Co., Inc. $BBY Shares Newly Purchased by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 20,682 shares of the technology retailer’s stock, valued at approximately $1,825,000. Best Buy comprises about 1.2% of StoneRidge PMG Advisors LLC’s investment portfolio, making the stock its 18th largest position.

Several other large investors have also recently added to or reduced their stakes in BBY. Entrust Financial LLC acquired a new stake in shares of Best Buy during the third quarter worth approximately $31,000. Bryn Mawr Trust Advisors LLC acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $452,000. Almanack Investment Partners LLC. acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $1,565,000. Means Investment CO. Inc. bought a new stake in Best Buy during the 3rd quarter worth approximately $11,162,000. Finally, Paragon Advisors LLC bought a new stake in Best Buy during the 3rd quarter worth approximately $319,000. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Down 0.0%

Shares of NYSE BBY opened at $99.58 on Monday. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $103.54. The company has a market cap of $20.89 billion, a PE ratio of 16.57, a P/E/G ratio of 2.49 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 company has a 50-day moving average of $91.57 and a two-hundred day moving average of $76.10.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same period in the prior year, the business earned $1.28 earnings per share. Best Buy’s quarterly 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. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.9%. The ex-dividend date was Thursday, September 17th. Best Buy’s payout ratio is 63.89%.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the company’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 filing with the SEC, which is available at this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the 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 transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent analyst reports. Wells Fargo & Company raised 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. Weiss Ratings lowered Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 27th. Morgan Stanley boosted their price objective on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, August 28th. Evercore set a $100.00 target price on Best Buy in a report on Tuesday, October 27th. Finally, Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average 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.