Johnson Financial Group Inc. Takes Position in Best Buy Co., Inc. $BBY

Johnson Financial Group Inc. bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,315 shares of the technology retailer’s stock, valued at approximately $2,022,000.

A number of other hedge funds have also recently modified their holdings of BBY. Palisade Asset Management LLC bought a new stake in Best Buy during the 3rd quarter valued at about $25,000. MV Capital Management Inc. bought a new position in Best Buy in the fourth quarter worth approximately $25,000. Torren Management LLC purchased a new position in Best Buy during the 4th quarter worth $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy during the 4th quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. raised its position in Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price target on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. BNP Paribas Exane raised their target price on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. Piper Sandler reiterated a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a research note on Thursday, May 28th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $82.70.

Best Buy Stock Performance

Shares of BBY stock opened at $89.33 on Thursday. The firm has a market capitalization of $18.83 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The business has a fifty day moving average of $81.84 and a 200 day moving average of $70.47. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were given a dividend of $0.96 per share. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.3%. Best Buy’s payout ratio is presently 71.11%.

Insider Activity

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by corporate insiders.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.