10,262 Shares in Best Buy Co., Inc. $BBY Purchased by Murphy Pohlad Asset Management LLC

Murphy Pohlad Asset Management LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 10,262 shares of the technology retailer’s stock, valued at approximately $906,000.

A number of other institutional investors also recently modified their holdings of the company. Tectonic Advisors LLC acquired a new position in Best Buy during the 3rd quarter worth $970,000. Manchester Capital Management LLC grew its position in shares of Best Buy by 53.1% in the third quarter. Manchester Capital Management LLC now owns 989 shares of the technology retailer’s stock valued at $81,000 after purchasing an additional 343 shares during the last quarter. Farmers & Merchants Investments Inc. grew its position in shares of Best Buy by 313.9% in the third quarter. Farmers & Merchants Investments Inc. now owns 447 shares of the technology retailer’s stock valued at $39,000 after purchasing an additional 339 shares during the last quarter. Capital Investment Advisors LLC grew its position in shares of Best Buy by 1.6% in the third quarter. Capital Investment Advisors LLC now owns 15,152 shares of the technology retailer’s stock valued at $1,337,000 after purchasing an additional 238 shares during the last quarter. Finally, Wedbush Securities Inc. bought a new position in shares of Best Buy in the third quarter worth about $1,543,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the sale, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Citigroup boosted their price objective on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. DA Davidson raised Best Buy from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 24th. UBS Group reaffirmed a “neutral” rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Wells Fargo & Company lifted their price target on Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley upped their price target on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $85.90.

Best Buy Stock Performance

NYSE BBY traded up $0.02 during midday trading on Friday, hitting $99.85. The company had a trading volume of 3,978,853 shares, compared to its average volume of 2,809,587. The firm has a fifty day simple moving average of $89.34 and a two-hundred day simple moving average of $78.59. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $100.58. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 2.49 and a beta of 1.26.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the prior year, the business earned $1.28 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.8%. The ex-dividend date was Thursday, September 17th. Best Buy’s payout ratio is currently 63.89%.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.