Stoneridge Investment Partners LLC Buys Shares of 10,071 Best Buy Co., Inc. $BBY

Stoneridge Investment Partners LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,071 shares of the technology retailer’s stock, valued at approximately $869,000.

Other institutional investors have also recently made changes to their positions in the company. One Wealth Advisors LLC bought a new stake in shares of Best Buy in the second quarter valued at about $682,000. Summit Global Investments purchased a new stake in Best Buy in the second quarter worth about $246,000. Trust Asset Management LLC bought a new position in Best Buy during the 2nd quarter worth about $165,000. Tema ETFs LLC grew its holdings in Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after acquiring an additional 145 shares in the last quarter. Finally, KMG Fiduciary Partners LLC increased its position in Best Buy by 362.2% during the 2nd quarter. KMG Fiduciary Partners LLC now owns 20,098 shares of the technology retailer’s stock valued at $1,525,000 after purchasing an additional 15,750 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the subject of several recent research reports. Piper Sandler restated a “neutral” rating and issued a $77.00 price target on shares of Best Buy in a report on Thursday, May 28th. Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a report on Monday, July 13th. Truist Financial raised shares of Best Buy from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $81.00 to $95.00 in a research note on Tuesday. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, The Goldman Sachs Group upped their target price on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Best Buy presently has an average rating of “Hold” and a consensus price target of $82.70.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction dated 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 sale, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is currently owned by company insiders.

Best Buy Price Performance

NYSE BBY opened at $86.54 on Friday. The firm’s fifty day simple moving average is $81.10 and its two-hundred day simple moving average is $69.99. The firm has a market capitalization of $18.24 billion, a P/E ratio of 16.03, a P/E/G ratio of 2.49 and a beta of 1.29. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced 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. This represents a $3.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Best Buy 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.