Pekin Hardy Strauss Inc. Purchases 5,575 Shares of Best Buy Co., Inc. $BBY

Pekin Hardy Strauss Inc. purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,575 shares of the technology retailer’s stock, valued at approximately $492,000.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Best Buy during the 2nd quarter valued at about $1,932,812,000. Bank of New York Mellon Corp purchased a new position in Best Buy in the second quarter worth about $174,893,000. Deutsche Bank AG bought a new position in shares of Best Buy in the second quarter worth approximately $116,003,000. KBC Group NV lifted its stake in shares of Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after buying an additional 531,998 shares in the last quarter. Finally, Renaissance Technologies LLC grew 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 valued at $93,054,000 after buying an additional 770,339 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of BBY opened at $99.58 on Friday. The firm has a fifty day simple moving average of $91.57 and a two-hundred day simple moving average of $76.10. The firm has a market cap of $20.89 billion, a PE ratio of 16.57, a P/E/G ratio of 2.49 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $103.54.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The firm had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the business posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed 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 of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.9%. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Insider Buying and Selling at Best Buy

In other news, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated 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 sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Barclays boosted their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Truist Financial set a $100.00 target price on Best Buy in a research note on Thursday, August 27th. Piper Sandler lifted their target price on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, August 20th. Morgan Stanley boosted their price target on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, August 28th. Finally, Citigroup upped their price target on Best Buy from $88.00 to $102.00 and gave the company a “neutral” rating in a report on Friday. 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 issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $87.35.

Best Buy Profile

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels.

The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada.

Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.