Spire Wealth Management Purchases 27,411 Shares of Best Buy Co., Inc. $BBY

Spire Wealth Management raised its position in Best Buy Co., Inc. (NYSE:BBY) by 4,019.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,093 shares of the technology retailer’s stock after purchasing an additional 27,411 shares during the quarter. Spire Wealth Management’s holdings in Best Buy were worth $1,880,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after buying an additional 3,496,254 shares in the last quarter. Norges Bank bought a new stake in Best Buy in the 2nd quarter valued at approximately $171,851,000. Pacer Advisors Inc. boosted its position in Best Buy by 61.9% during the 3rd quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock worth $151,156,000 after acquiring an additional 764,064 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Best Buy during the 3rd quarter worth approximately $55,475,000. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Best Buy by 2,683.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer’s stock worth $52,381,000 after acquiring an additional 667,801 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

Shares of NYSE BBY opened at $63.92 on Tuesday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average price is $64.92 and its two-hundred day moving average price is $71.41. The company has a market cap of $13.37 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $84.99.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. The company had revenue of $13.81 billion during 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% on a year-over-year basis. During the same period last year, the firm posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business 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 dividend on an annualized basis and a yield of 6.0%. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BBY shares. Truist Financial cut their price objective on shares of Best Buy from $73.00 to $66.00 and set a “hold” rating on the stock in a research report on Tuesday, March 3rd. Telsey Advisory Group decreased their target price on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, March 4th. Barclays lowered their price target on shares of Best Buy from $81.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 8th. Piper Sandler restated a “buy” rating on shares of Best Buy in a research note on Wednesday, March 4th. 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 report on Wednesday, March 4th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $76.20.

Insider Transactions at Best Buy

In other news, EVP Kathleen Scarlett sold 8,049 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares in the company, valued at approximately $6,572,869.38. This trade represents a 7.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares of the company’s stock, valued at $33,491,294.76. The trade was a 7.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.59% of the company’s stock.

Best Buy Profile

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.