Best Buy Co., Inc. $BBY Shares Bought by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 9.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 35,088 shares of the technology retailer’s stock after buying an additional 2,927 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Best Buy were worth $2,583,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Best Buy in the 2nd quarter worth approximately $26,000. Maseco LLP acquired a new stake in Best Buy in the second quarter valued at $39,000. Bogart Wealth LLC grew its holdings in Best Buy by 202.0% in the second quarter. Bogart Wealth LLC now owns 604 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 404 shares during the last quarter. Sentry Investment Management LLC purchased a new position in shares of Best Buy in the second quarter valued at $44,000. Finally, Wealth Preservation Advisors LLC acquired a new position in shares of Best Buy during the 1st quarter worth $53,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of a number of research reports. Piper Sandler reissued a “neutral” rating and issued a $75.00 price objective (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Telsey Advisory Group reiterated an “outperform” rating and issued a $90.00 price target on shares of Best Buy in a research report on Friday, August 29th. Evercore ISI raised their price objective on shares of Best Buy from $80.00 to $85.00 in a research note on Tuesday, November 4th. Citigroup lifted their price objective on Best Buy from $73.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $83.38.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 500,000 shares of Best Buy stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the completion of the sale, the chairman owned 12,486,904 shares in the company, valued at $1,009,316,450.32. The trade was a 3.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 3,715 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares of the company’s stock, valued at approximately $1,640,650.50. This represents a 14.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,736,826 shares of company stock worth $141,568,327 over the last quarter. 0.47% of the stock is currently owned by company insiders.

Best Buy Stock Performance

NYSE:BBY opened at $78.93 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The firm has a market cap of $16.58 billion, a PE ratio of 21.80, a P/E/G ratio of 2.21 and a beta of 1.25. The firm has a 50 day simple moving average of $77.48 and a 200-day simple moving average of $72.47. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $95.49.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. Best Buy’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 4.8%. The ex-dividend date was Thursday, September 18th. Best Buy’s dividend payout ratio is presently 104.97%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.