Collaborative Fund Advisors LLC Purchases 7,864 Shares of Best Buy Co., Inc. $BBY

Collaborative Fund Advisors LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,864 shares of the technology retailer’s stock, valued at approximately $694,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Best Buy in the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp acquired a new position in Best Buy during the 2nd quarter valued at about $174,893,000. KBC Group NV lifted its holdings in Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after buying an additional 531,998 shares during the period. Deutsche Bank AG bought a new position in shares of Best Buy in the 2nd quarter worth $116,003,000. Finally, Renaissance Technologies LLC boosted its holdings in Best Buy by 113.4% during the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after buying an additional 770,339 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Up 8.0%

NYSE:BBY opened at $101.42 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The business’s 50-day simple moving average is $91.01 and its 200-day simple moving average is $75.77. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $101.49. The stock has a market capitalization of $21.27 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 2.35 and a beta of 1.20.

Best Buy (NYSE:BBY) last posted its 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 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%. Best Buy’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Sell-side analysts expect 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. Stockholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 3.8%. Best Buy’s dividend payout ratio is currently 63.89%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BBY shares. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. Evercore set a $100.00 target price on shares of Best Buy in a research note on Tuesday, October 27th. Guggenheim increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 28th. UBS Group reissued a “neutral” rating and set a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Finally, Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average price target of $86.15.

Insider Buying and Selling at Best Buy

In related news, EVP Kathleen Scarlett sold 116,062 shares of the business’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 sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’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 owned by corporate insiders.

Best Buy Profile

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.