Plato Investment Management Ltd Invests $860,000 in Best Buy Co., Inc. $BBY

Plato Investment Management Ltd purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,406 shares of the technology retailer’s stock, valued at approximately $860,000.

A number of other hedge funds have also recently added to or reduced their stakes in BBY. Trivium Point Advisory LLC acquired a new stake in Best Buy in the second quarter valued at about $273,000. Chase Investment Counsel Corp acquired a new position in Best Buy during the 2nd quarter worth approximately $278,000. Tulsa Wealth Advisors INC acquired a new position in Best Buy during the 2nd quarter worth approximately $1,819,000. Global Retirement Partners LLC purchased a new position in shares of Best Buy during the 2nd quarter worth approximately $394,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Best Buy during the 2nd quarter worth approximately $174,893,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the business’s 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 completion of the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on BBY shares. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Wedbush increased their price objective on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price for the company. in a report on Monday, July 13th. Wells Fargo & Company boosted their target price on shares of Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $77.00 price target on shares of Best Buy in a research note on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average price target of $82.70.

Best Buy Trading Up 2.2%

Best Buy stock opened at $87.33 on Wednesday. The stock has a 50-day moving average price of $81.57 and a 200 day moving average price of $70.30. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The stock has a market cap of $18.41 billion, a PE ratio of 16.17, 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 (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period in the prior year, the firm earned $1.15 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.4%. Best Buy’s dividend payout ratio is presently 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.