Corient Private Wealth LLC Acquires 16,452 Shares of Best Buy Co., Inc. $BBY

Corient Private Wealth LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 92.9% during the 4th quarter, Holdings Channel reports. The firm owned 34,167 shares of the technology retailer’s stock after purchasing an additional 16,452 shares during the quarter. Corient Private Wealth LLC’s holdings in Best Buy were worth $2,288,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BBY. Torren Management LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy in the 4th quarter valued at $29,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in shares of Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Citigroup increased their target price on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. BNP Paribas Exane lifted their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. UBS Group reiterated a “neutral” rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Jefferies Financial Group increased their price objective on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Wedbush raised their target price on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average target price of $79.50.

Best Buy Stock Performance

NYSE BBY opened at $77.91 on Monday. The company has a fifty day simple moving average of $67.01 and a 200 day simple moving average of $66.64. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market cap of $16.42 billion, a P/E ratio of 14.43, a PEG ratio of 2.07 and a beta of 1.30.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the previous year, the business posted $1.15 EPS. Best Buy’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. Best Buy’s payout ratio is presently 71.11%.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. 0.50% of the stock is currently owned by company insiders.

Best Buy Company 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.