Ieq Capital LLC Buys Shares of 105,307 Best Buy Co., Inc. $BBY

Ieq Capital LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 105,307 shares of the technology retailer’s stock, valued at approximately $7,991,000.

Several other institutional investors also recently modified their holdings of the business. Palisade Asset Management LLC bought a new stake in shares of Best Buy during the 3rd quarter valued at $25,000. MV Capital Management Inc. acquired a new position in shares of Best Buy in the 4th quarter valued at $25,000. Torren Management LLC bought a new position in shares of Best Buy in the 4th quarter worth $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy in the 4th quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in shares of 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 purchasing an additional 311 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity

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

Best Buy Price Performance

BBY opened at $86.07 on Monday. The stock has a market cap of $18.14 billion, a P/E ratio of 15.94, a P/E/G ratio of 2.47 and a beta of 1.29. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The company has a fifty day simple moving average of $82.15 and a 200 day simple moving average of $70.76.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period in the previous year, the company posted $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. On average, research analysts expect that Best Buy Co., Inc. will post 6.57 EPS for the current year.

Best Buy Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on BBY. Bank of America began coverage on Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price objective for the company. Wells Fargo & Company raised their target price on Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. Weiss Ratings upgraded Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, DA Davidson reiterated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research report on Monday, June 22nd. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $83.10.

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.