StoneRidge PMG Advisors LLC Acquires New Stake in Best Buy Co., Inc. $BBY

StoneRidge PMG Advisors LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,682 shares of the technology retailer’s stock, valued at approximately $1,825,000. Best Buy accounts for 1.2% of StoneRidge PMG Advisors LLC’s portfolio, making the stock its 18th biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Kintegral Advisory LLC raised its stake in Best Buy by 0.6% during the 3rd quarter. Kintegral Advisory LLC now owns 23,543 shares of the technology retailer’s stock valued at $2,100,000 after purchasing an additional 133 shares during the last quarter. Tema ETFs LLC grew its position in Best Buy by 6.5% in the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after purchasing an additional 145 shares during the last quarter. Probity Advisors Inc. grew its position in Best Buy by 3.3% in the 3rd quarter. Probity Advisors Inc. now owns 4,657 shares of the technology retailer’s stock worth $411,000 after purchasing an additional 149 shares during the last quarter. B. Metzler seel. Sohn & Co. AG grew its position in Best Buy by 1.0% in the 2nd 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 during the last quarter. Finally, Ashurst Perkins Coie Trust Co increased its holdings in shares of Best Buy by 75.1% during the 3rd 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 during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Down 0.0%

Shares of BBY stock opened at $99.58 on Monday. The firm has a fifty day moving average of $91.57 and a 200-day moving average of $76.10. The stock has a market cap of $20.89 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 2.49 and a beta of 1.20. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $103.54. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last issued its 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 for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

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

Insider Buying and Selling

In other news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The stock was 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 represents a 49.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BBY shares. Weiss Ratings lowered shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 27th. Telsey Advisory Group lifted their target price on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. The Goldman Sachs Group boosted their price target on Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research note on Friday, August 28th. Guggenheim upped their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, August 28th. Finally, UBS Group reiterated a “neutral” rating and issued a $90.00 price objective (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $87.35.

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.