American Century Companies Inc. Boosts Stake in Best Buy Co., Inc. $BBY

American Century Companies Inc. boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 8.2% in the 3rd quarter, Holdings Channel reports. The firm owned 589,409 shares of the technology retailer’s stock after purchasing an additional 44,604 shares during the period. American Century Companies Inc.’s holdings in Best Buy were worth $44,571,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in BBY. Huntington National Bank lifted its stake in Best Buy by 12.0% during the third quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after purchasing an additional 139 shares in the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in Best Buy by 386.3% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 4,693 shares of the technology retailer’s stock valued at $355,000 after acquiring an additional 3,728 shares during the period. Xponance Inc. grew its position in Best Buy by 57.4% in the 3rd quarter. Xponance Inc. now owns 63,936 shares of the technology retailer’s stock valued at $4,835,000 after acquiring an additional 23,304 shares in the last quarter. Integrated Advisors Network LLC purchased a new stake in Best Buy during the third quarter worth about $201,000. Finally, DNB Asset Management AS boosted its stake in shares of Best Buy by 2.4% in the third quarter. DNB Asset Management AS now owns 35,299 shares of the technology retailer’s stock valued at $2,669,000 after purchasing an additional 843 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BBY shares. Piper Sandler reiterated a “buy” rating on shares of Best Buy in a report on Wednesday. JPMorgan Chase & Co. cut Best Buy from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $99.00 to $76.00 in a research note on Monday, February 2nd. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Wednesday. BNP Paribas Exane upped their price target on Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, The Goldman Sachs Group decreased their price objective on Best Buy from $93.00 to $76.00 and set a “buy” rating for the company in a research note on Wednesday. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $76.20.

Best Buy Price Performance

Shares of NYSE:BBY opened at $66.48 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.26. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $84.99. The firm has a market capitalization of $13.90 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.63 and a beta of 1.46. The company’s fifty day moving average price is $66.63 and its 200 day moving average price is $72.77.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. The business had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend is Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s payout ratio is 75.40%.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.