Comerica Bank Increases Holdings in Best Buy Co., Inc. (NYSE:BBY) (2024)

Comerica Bank increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,464 shares of the technology retailer’s stock after buying an additional 298 shares during the quarter. Comerica Bank’s holdings in Best Buy were worth $3,073,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BBY. Bfsg LLC purchased a new stake in Best Buy in the fourth quarter valued at $25,000. Rise Advisors LLC raised its holdings in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares during the period. Naples Money Management LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at $27,000. Access Investment Management LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at $27,000. Finally, Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the 1st quarter valued at $27,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wedbush reiterated a “neutral” rating and issued a $85.00 price objective on shares of Best Buy in a report on Tuesday, May 28th. DA Davidson boosted their price objective on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. Truist Financial reissued a “hold” rating and set a $86.00 target price on shares of Best Buy in a research note on Monday, July 1st. Evercore ISI boosted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Best Buy in a research report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.87.

Best Buy Stock Up 2.2 %

BBY opened at $82.00 on Wednesday. The business has a 50 day moving average price of $86.04 and a two-hundred day moving average price of $79.56. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $17.69 billion, a PE ratio of 14.36, a P/E/G ratio of 2.76 and a beta of 1.48. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $93.72.

Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The firm had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm’s revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend was Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the completion of the transaction, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the sale, the chairman now owns 8,850 shares in the company, valued at approximately $709,858.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The disclosure for this sale can be found here. In the last three months, insiders sold 3,383,370 shares of company stock valued at $288,293,276. Corporate insiders own 0.59% of the company’s stock.

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.