Best Buy Co., Inc. $BBY Stock: Illinois Municipal Retirement Fund Raises Stake

Illinois Municipal Retirement Fund lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 7.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 212,549 shares of the technology retailer’s stock after buying an additional 15,128 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.10% of Best Buy worth $18,755,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lido Advisors LLC increased its position in Best Buy by 345.2% during the 3rd quarter. Lido Advisors LLC now owns 53,356 shares of the technology retailer’s stock valued at $4,708,000 after buying an additional 41,370 shares in the last quarter. Keybank National Association OH boosted its holdings in Best Buy by 37.2% in the third quarter. Keybank National Association OH now owns 20,107 shares of the technology retailer’s stock valued at $1,658,000 after purchasing an additional 5,451 shares during the last quarter. New York Life Investment Management LLC raised its position in Best Buy by 70.2% during the third quarter. New York Life Investment Management LLC now owns 89,929 shares of the technology retailer’s stock valued at $7,220,000 after acquiring an additional 37,088 shares in the last quarter. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of Best Buy during the 3rd quarter valued at approximately $320,000. Finally, Alpha Family Trust acquired a new stake in shares of Best Buy during the 3rd quarter valued at about $282,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $104.13 on Wednesday. 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 firm has a market cap of $21.84 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 2.66 and a beta of 1.20. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $106.83. The company’s 50 day simple moving average is $92.52 and its 200-day simple moving average is $76.48.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current 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 issued a $0.96 dividend. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 3.7%. Best Buy’s payout ratio is presently 63.89%.

Key Stories Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy’s fresh 52-week high reflects strong recent momentum. One analysis considers whether the stock has room to rise further, while other coverage points to future cash flow and valuation measures as reasons it may still be undervalued. Best Buy hits a fresh high Best Buy stock looks cheap based on future cash flow Is Best Buy undervalued?
• Positive Sentiment: Fresh analyst support and attention to BBY’s value appeal may help reinforce buying interest. Separate coverage also presents Best Buy as a potential dividend-stock candidate. Best Buy gets fresh analyst support Why Best Buy may be a dividend stock
• Neutral Sentiment: Two reports say Best Buy price targets were raised to $95 and $102. The increases signal improved analyst expectations, but both targets are below the recent share price, potentially limiting near-term upside according to those estimates. Price target raised to $95 Price target raised to $102

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BBY shares. Wedbush reiterated a “buy” rating on shares of Best Buy in a report on Monday, August 24th. Truist Financial set a $100.00 price objective on shares of Best Buy in a report on Thursday, August 27th. DA Davidson raised Best Buy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 24th. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. Finally, Telsey Advisory Group boosted their price objective on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. One 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 given a Sell rating to the company’s stock. According to MarketBeat.com, Best Buy currently has an average rating of “Hold” and a consensus price target of $87.35.

Insider Activity

In other news, Chairman Richard Schulze sold 300,000 shares of the business’s stock in a transaction dated 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 document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by insiders.

Best Buy Company 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.