Trueblood Wealth Management LLC Buys 11,231 Shares of Best Buy Co., Inc. $BBY

by · The Markets Daily

Trueblood Wealth Management LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 11,231 shares of the technology retailer’s stock, valued at approximately $991,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Best Buy in the 2nd quarter worth $1,932,812,000. Bank of New York Mellon Corp bought a new position in shares of Best Buy during the 2nd quarter worth about $174,893,000. Deutsche Bank AG bought a new position in shares of Best Buy during the 2nd quarter worth about $116,003,000. Legal & General Group Plc acquired a new position in shares of Best Buy during the second quarter valued at about $83,427,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Best Buy during the second quarter valued at about $79,627,000. 80.96% of the stock is owned by institutional investors.

Insider Activity

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction that occurred on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were 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. Corporate insiders own 0.50% of the company’s stock.

Best Buy Trading Down 0.0%

Shares of BBY stock opened at $99.85 on Monday. The firm has a fifty day moving average of $89.34 and a 200-day moving average of $78.69. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 2.50 and a beta of 1.26. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $100.58. 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 – Get Free Report) 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. 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 for the quarter, compared to analyst estimates of $9.59 billion. During the same period in the previous year, the business earned $1.28 EPS. The firm’s revenue was up 3.6% on a year-over-year basis. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BBY shares. Piper Sandler increased their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Wells Fargo & Company lifted their target price on Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Loop Capital cut 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. Finally, Barclays upped their price target on Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $85.90.

Check Out Our Latest Stock Analysis on BBY

Best Buy Profile

(Free Report)

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.

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