Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Rehmann Capital Advisory Group

10 Jul 2024, 19:50 by Danessa Lincoln · The Markets Daily

Rehmann Capital Advisory Group increased its position in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 14.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,508 shares of the technology retailer’s stock after purchasing an additional 1,204 shares during the period. Rehmann Capital Advisory Group’s holdings in Best Buy were worth $780,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BBY. Bfsg LLC acquired a new position in shares of Best Buy during the fourth quarter worth $25,000. Rise Advisors LLC grew its stake in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares in the last quarter. Naples Money Management LLC purchased a new stake in Best Buy in the fourth quarter valued at $27,000. Access Investment Management LLC purchased a new stake in Best Buy in the fourth quarter valued at $27,000. Finally, Palisade Asset Management LLC purchased a new stake in Best Buy in the first quarter valued at $27,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BBY. Wedbush reissued a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a research report on Tuesday, May 28th. Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and boosted their price target for the company from $67.00 to $100.00 in a research report on Monday, June 3rd. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and upped their target price for the stock from $85.00 to $106.00 in a research report on Monday, June 17th. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Finally, Truist Financial restated a “hold” rating and set a $86.00 target price on shares of Best Buy in a research report on Monday, July 1st. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Get Our Latest Stock Analysis on Best Buy

Best Buy Trading Down 0.9 %

NYSE BBY traded down $0.80 during mid-day trading on Wednesday, hitting $85.62. The company’s stock had a trading volume of 2,371,243 shares, compared to its average volume of 3,178,726. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72. The stock’s fifty day simple moving average is $80.94 and its two-hundred day simple moving average is $78.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The firm has a market capitalization of $18.47 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48.

Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The firm had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.15 earnings per share. Research analysts expect that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s dividend payout ratio is presently 65.85%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the transaction, the chairman now owns 8,850 shares of the company’s stock, valued at $709,858.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the transaction, the chairman now owns 8,850 shares of the company’s stock, valued at $709,858.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 2,000,629 shares of company stock valued at $166,107,653 over the last 90 days. 0.59% of the stock is owned by company insiders.

Best Buy Profile

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.