Best Buy Co., Inc. $BBY Stock: Candriam S.C.A. Increases Stake

Candriam S.C.A. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 41.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,038 shares of the technology retailer’s stock after purchasing an additional 18,697 shares during the quarter. Candriam S.C.A.’s holdings in Best Buy were worth $5,417,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Best Buy in the second quarter valued at $1,932,812,000. Bank of New York Mellon Corp bought a new position in Best Buy in the second quarter worth $174,893,000. Deutsche Bank AG acquired a new stake in Best Buy during the second quarter worth $116,003,000. KBC Group NV boosted its stake in Best Buy by 50.5% during the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after buying an additional 531,998 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Best Buy by 113.4% during the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after buying an additional 770,339 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 28th. Evercore set a $100.00 price objective on shares of Best Buy in a report on Tuesday, October 27th. The Goldman Sachs Group lifted their target price on shares of Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research report on Friday, August 28th. Bank of America initiated coverage on shares of Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price on the stock. Finally, Weiss Ratings cut shares of Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $87.35.

Key Headlines Impacting Best Buy

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

• Positive Sentiment: Best Buy’s fresh 52-week high reflects strong recent momentum. One analysis considers whether the stock has room to rise further, while other coverage points to future cash flow and valuation measures as reasons it may still be undervalued. Best Buy hits a fresh high Best Buy stock looks cheap based on future cash flow Is Best Buy undervalued?
• Positive Sentiment: Fresh analyst support and attention to BBY’s value appeal may help reinforce buying interest. Separate coverage also presents Best Buy as a potential dividend-stock candidate. Best Buy gets fresh analyst support Why Best Buy may be a dividend stock
• Neutral Sentiment: Two reports say Best Buy price targets were raised to $95 and $102. The increases signal improved analyst expectations, but both targets are below the recent share price, potentially limiting near-term upside according to those estimates. Price target raised to $95 Price target raised to $102

Best Buy Price Performance

Best Buy stock opened at $104.13 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The company has a market capitalization of $21.84 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 2.66 and a beta of 1.20. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $106.83. The business has a 50 day simple moving average of $92.52 and a 200 day simple moving average of $76.48.

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

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.7%. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction dated 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 completion of 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 position. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is currently owned by company insiders.

Best Buy Profile

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.