Fifth Third Bancorp Raises Holdings in Best Buy Co., Inc. $BBY

Fifth Third Bancorp lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 293.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 36,095 shares of the technology retailer’s stock after acquiring an additional 26,912 shares during the quarter. Fifth Third Bancorp’s holdings in Best Buy were worth $2,317,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Krane Funds Advisors LLC raised its position in shares of Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares during the period. Linden Thomas Advisory Services LLC grew its stake in Best Buy by 0.9% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after buying an additional 152 shares in the last quarter. Applied Finance Capital Management LLC grew its stake in Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after buying an additional 157 shares in the last quarter. International Private Wealth Advisors LLC raised its holdings in Best Buy by 5.2% during the 4th quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock valued at $224,000 after acquiring an additional 165 shares during the period. Finally, J. Team Financial Inc. lifted its position in shares of Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after acquiring an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Best Buy Stock Up 0.1%

Shares of NYSE BBY opened at $85.20 on Wednesday. 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 business has a 50-day moving average of $73.82 and a 200-day moving average of $67.82. The firm has a market capitalization of $17.96 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $87.35.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter last year, the company posted $1.15 EPS. The business’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 expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio is 71.11%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. DA Davidson reiterated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday, June 22nd. Weiss Ratings raised Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Truist Financial upped their price target on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research report on Friday, May 29th. Citigroup increased their price target on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Piper Sandler restated a “neutral” rating and issued a $77.00 price objective on shares of Best Buy in a research report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.50.

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.