Carmel Capital Partners LLC Makes New $845,000 Investment in Best Buy Co., Inc. $BBY

Carmel Capital Partners LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 9,571 shares of the technology retailer’s stock, valued at approximately $845,000.

Other institutional investors have also bought and sold shares of the company. Kintegral Advisory LLC raised its holdings in Best Buy by 0.6% during the third quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer’s stock valued at $2,100,000 after acquiring an additional 133 shares during the period. Tema ETFs LLC boosted its stake in shares of Best Buy by 6.5% in the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after acquiring an additional 145 shares during the period. Probity Advisors Inc. boosted its stake in shares of Best Buy by 3.3% in the third quarter. Probity Advisors Inc. now owns 4,657 shares of the technology retailer’s stock worth $411,000 after acquiring an additional 149 shares during the period. B. Metzler seel. Sohn & Co. AG grew its position in shares of Best Buy by 1.0% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock worth $1,109,000 after purchasing an additional 151 shares in the last quarter. Finally, Ashurst Perkins Coie Trust Co grew its position in shares of Best Buy by 75.1% during the third quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock worth $35,000 after purchasing an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 116,062 shares of the firm’s 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 directly owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard Schulze sold 300,000 shares of the business’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 disclosure for this sale is available in the SEC filing. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

Shares of NYSE:BBY traded up $0.18 during mid-day trading on Friday, reaching $99.58. The stock had a trading volume of 2,739,735 shares, compared to its average volume of 2,866,252. 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 market cap of $20.89 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 2.40 and a beta of 1.20. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $103.54. The business’s 50 day moving average price is $91.57 and its 200 day moving average price is $76.10.

Best Buy (NYSE:BBY) last released its quarterly earnings results 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. The business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio is currently 63.89%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Loop Capital cut Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a report on Monday, July 13th. Weiss Ratings lowered shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, October 27th. Wedbush reiterated a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. Telsey Advisory Group boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Finally, Barclays upped their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $87.35.

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.