Best Buy Co., Inc. $BBY Shares Purchased by Allstate Corp

Allstate Corp lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 98.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 13,904 shares of the technology retailer’s stock after acquiring an additional 6,888 shares during the period. Allstate Corp’s holdings in Best Buy were worth $931,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in BBY. Torren Management LLC acquired a new stake in shares of Best Buy in the fourth quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new stake in shares of Best Buy in the third quarter worth approximately $25,000. Quest 10 Wealth Builders Inc. lifted its position in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after buying an additional 311 shares in the last quarter. Activest Wealth Management lifted its position in Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock worth $31,000 after buying an additional 424 shares in the last quarter. Finally, Wolff Wiese Magana LLC purchased a new position in Best Buy during the fourth quarter worth approximately $32,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

NYSE:BBY opened at $78.16 on Friday. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99. The company has a quick ratio of 0.43, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $16.47 billion, a P/E ratio of 14.47, a P/E/G ratio of 1.93 and a beta of 1.22. The stock’s fifty day moving average is $62.29 and its two-hundred day moving average is $66.88.

Best Buy (NYSE:BBY) last posted its 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 return on equity of 48.70% and a net margin of 2.73%.The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the previous year, the business earned $1.15 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently commented on BBY. Wells Fargo & Company lifted their price objective on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday. JPMorgan Chase & Co. lifted their price objective on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday. Daiwa Securities Group reduced their price objective on Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a research report on Thursday, March 5th. Weiss Ratings downgraded Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 7th. Finally, Truist Financial lifted their price objective on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research report on Friday. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $78.60.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $2,744,473.38. Following the sale, the chief executive officer owned 523,138 shares in the company, valued at $33,491,294.76. The trade was a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matthew M. Bilunas sold 11,356 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $727,011.12. Following the completion of the sale, the chief financial officer owned 76,884 shares in the company, valued at $4,922,113.68. This represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is currently owned by company insiders.

Key Headlines Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported Q1 adjusted EPS of $1.28, above estimates of $1.22, and revenue of $8.94 billion, also ahead of forecasts, with comparable sales rising 2.0%. Best Buy Q1 Earnings Beat Estimates, Comparable Sales Rise 2%
• Positive Sentiment: The company reaffirmed its full-year guidance and highlighted improving margins and stronger demand in gaming, computing, and cellphones, suggesting the turnaround is gaining traction. Best Buy Reports First Quarter Results
• Positive Sentiment: Several analyst firms raised price targets after the earnings release, including Jefferies, Loop Capital, Guggenheim, Morgan Stanley, Citigroup, and others, indicating improving sentiment around the stock. Analyst rating updates
• Positive Sentiment: Retail-industry news also pointed to selective consumer spending still favoring value-focused names like Best Buy, adding to the rally. Retail Rally Sends Kohl’s, Best Buy, Dollar Tree Up As Much As 18%
• Neutral Sentiment: DA Davidson reaffirmed its buy rating but set a $78 price target, which is roughly in line with the current share price and does not materially change the valuation debate. DA Davidson rating reaffirmation
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, reinforcing its income appeal for investors. Dividend announcement

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.