Summit Financial LLC Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

04 Apr 2025, 06:19 by Doug Wharley · The Cerbat Gem

Summit Financial LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 3,992 shares of the technology retailer’s stock, valued at approximately $346,000.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after buying an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new stake in Best Buy in the fourth quarter worth $514,483,000. Geode Capital Management LLC boosted its stake in Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after buying an additional 120,185 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on BBY. Piper Sandler lowered their target price on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Truist Financial reduced their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Morgan Stanley dropped their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Finally, Wedbush reiterated a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $92.22.

View Our Latest Stock Analysis on BBY

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.59% of the company’s stock.

Best Buy Trading Down 17.8 %

Shares of NYSE BBY opened at $62.22 on Friday. Best Buy Co., Inc. has a 1-year low of $61.86 and a 1-year high of $103.71. The business has a fifty day moving average price of $81.51 and a 200 day moving average price of $87.58. The stock has a market capitalization of $13.15 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY – Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the firm posted $2.72 earnings per share. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.11%. The ex-dividend date is Tuesday, March 25th. Best Buy’s payout ratio is currently 88.99%.

Best Buy Profile

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.