Commerce Bank Invests $1.45 Million in Best Buy Co., Inc. $BBY

Commerce Bank purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 19,052 shares of the technology retailer’s stock, valued at approximately $1,446,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tema ETFs LLC grew its stake in Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock valued at $179,000 after purchasing an additional 145 shares in the last quarter. Krane Funds Advisors LLC raised its position in shares of Best Buy by 3.0% in the 4th 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 in the last quarter. Applied Finance Capital Management LLC raised its position in shares of 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 purchasing an additional 157 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Best Buy by 6.2% during the 4th quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock valued at $211,000 after buying an additional 185 shares during the last quarter. Finally, Arjuna Capital boosted its stake in shares of Best Buy by 1.0% during the 4th quarter. Arjuna Capital now owns 20,673 shares of the technology retailer’s stock valued at $1,384,000 after buying an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $85.33 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 company has a market capitalization of $17.98 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26. The business has a 50 day simple moving average of $82.55 and a 200-day simple moving average of $71.03.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.58 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were given 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 currently 71.11%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 224,705 shares of the 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 sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the company’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 value of $131,659.20. Following the transaction, the chief accounting officer directly 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 SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BBY shares. Wedbush reissued a “buy” rating on shares of Best Buy in a research report on Monday. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. Truist Financial raised shares of Best Buy from a “hold” rating to a “buy” rating and boosted their target price for the stock from $81.00 to $95.00 in a research report on Tuesday, August 11th. Finally, BNP Paribas Exane upped their target price 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. 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 data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $83.10.

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.