Perpetual Ltd Invests $714,000 in Best Buy Co., Inc. $BBY

Perpetual Ltd acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 10,664 shares of the technology retailer’s stock, valued at approximately $714,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Sage Private Wealth Group LLC lifted its position in shares of Best Buy by 3.1% during the third quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock valued at $311,000 after buying an additional 123 shares during the last quarter. LVW Advisors LLC grew its position in shares of Best Buy by 3.9% in the 3rd quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock worth $275,000 after buying an additional 137 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares in the last quarter. Huntington National Bank raised its stake in shares of Best Buy by 12.0% during the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after acquiring an additional 139 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its position in Best Buy by 1.5% during the second quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock valued at $639,000 after acquiring an additional 144 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 0.1%

NYSE:BBY opened at $64.55 on Monday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $84.99. The firm has a fifty day simple moving average of $64.75 and a 200-day simple moving average of $71.12. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $13.50 billion, a P/E ratio of 12.81, a PEG ratio of 1.59 and a beta of 1.35.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.13. The firm had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be paid a $0.96 dividend. The ex-dividend date is Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a dividend yield of 5.9%. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the sale, the chief executive officer owned 523,138 shares of the company’s stock, valued at $33,491,294.76. The trade was a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd G. Hartman sold 5,339 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $341,802.78. Following the completion of the sale, the insider owned 44,098 shares in the company, valued at approximately $2,823,153.96. This represents a 10.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. BNP Paribas Exane raised their target price on shares of Best Buy from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. Morgan Stanley decreased their price objective on Best Buy from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. Evercore lowered their price objective on Best Buy from $75.00 to $70.00 in a research report on Tuesday, March 31st. Jefferies Financial Group dropped their target price on Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Finally, HSBC reduced their target price on Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average target price of $75.95.

Best Buy Company 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.