Vise Technologies Inc. Acquires New Stake in Best Buy Co., Inc. $BBY

Vise Technologies Inc. acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,961 shares of the technology retailer’s stock, valued at approximately $1,850,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Best Buy in the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp bought a new stake in shares of Best Buy during the second quarter worth $174,893,000. KBC Group NV increased its position in shares of Best Buy by 50.5% during the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after acquiring an additional 531,998 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Best Buy during the second quarter worth $116,003,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Best Buy by 113.4% during the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after acquiring an additional 770,339 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, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction that occurred 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 owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. 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 business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction 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 Price Performance

Best Buy stock opened at $99.29 on Friday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $103.54. 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 business’s 50 day simple moving average is $91.25 and its 200 day simple moving average is $75.93. The company has a market cap of $20.82 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 2.53 and a beta of 1.20.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter last year, the company posted $1.28 EPS. The business’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. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors 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 3.9%. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BBY shares. Guggenheim raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Telsey Advisory Group upped their price target on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Wells Fargo & Company increased their price target on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Citigroup raised their price objective 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. Finally, Morgan Stanley raised 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 report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Best Buy currently has an average rating of “Hold” and a consensus target price of $86.15.

About Best Buy

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.