BlackRock Fund Advisors has recently announced that it has increased stake in Best Buy Co. Inc. (NYSE:BBY) by 3.76%. After grabbing 12.81 million shares, the institutional investor is now in possession of 0.46 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 5.95% having worth around $1.0 billion. Moreover, JPMorgan Investment Management, I increased its share by 0.59 million to have a control over 10.76 million shares. And SSgA Funds Management, Inc. raised its holdings to 0.27 million shares by acquiring 10.34 million shares or 4.80% of the stake.
Best Buy Co. Inc. (BBY) concluded trading on Thursday at a closing price of $75.21, with 3.46 million shares of worth about $259.92 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -10.70% during that period and on Thursday, January 25 the price saw a gain of about 2.56%. Currently the company’s common shares owned by public are about 218.10M shares, out of which, 191.92M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 62 times over the past 12 months. They bought 280,644 shares in 33 of the transactions. In 29 selling transactions, insiders dumped 529,809 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund are the top 3 mutual funds which are holding stakes in Best Buy Co. Inc. Vanguard Total Stock Market ETF is currently holding 6.14 million shares of worth totaling $480.58 million. The company recently came selling 8738.0 shares which brought its stake up to 2.85% of the company’s outstanding shares. Vanguard 500 Index Fund sold 3037.0 shares, after which its hold over company’s outstanding shares shrunk to 2.20%, leaving 4.73 million shares with the mutual fund that have a worth of about $370.24 million. Vanguard Mid Cap Index Fund, after selling 4.39 million shares, have now control over 2.04% of the stake in the company. It holds 71179.0 shares of worth $343.78 million.
Stock saw a price change of 6.02% in past 5 days and over the past one month there was a price change of -1.22%. Year-to-date (YTD), BBY shares are showing a performance of -3.92% which decreased to -10.07% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $62.30 but also hit the highest price of $93.32 during that period. The average intraday trading volume for Best Buy Co. Inc. shares is 2.90 million. The stock is currently trading 0.53% above its 20-day simple moving average (SMA20), while that difference is up 2.96% for SMA50 and it goes to 1.55% higher than SMA200.
BlackRock Fund Advisors acquired 12.81 million shares of Best Buy Co. Inc. having value of about $1.0 billion. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 0.46 million shares in the company valued at close to $34939407.18, or have control over 3.76% stake in the company. Best Buy Co. Inc. (NYSE: BBY) currently have 218.10M outstanding shares and institutions hold larger chunk of about 82.75% of that. Holding of mutual funds in the company is about 35.85% while other institutional holders and individual stake holders have control over 47.89% and 13.75% of the stake respectively.
The stock has a current market capitalization of $16.20B and its 3Y-monthly beta is at 1.51. PE ratio of stock for trailing 12 months is 12.97, while it has posted earnings per share of $5.80 in the same period. It has Quick Ratio of 0.23 while making debt-to-equity ratio of 1.43. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BBY, volatility over the week remained 2.94% while standing at 2.29% over the month.
Analysts are in expectations that Best Buy Co. Inc. (BBY) stock would likely to be making an EPS of $2.51 in the current quarter, while forecast for next quarter EPS is $1.08 and it is $6.12 for next year. For the current quarter EPS, analysts have given the company a lowest target $2.4 which is $2.59 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $2.61 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -12.92% while it is estimated to decrease by -0.19% in next year. EPS is likely to shrink at an annualized rate of -1.10% for next 5-years, compared to annual growth of 14.06% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Jefferies on December 11, 2023 offering a Buy rating for the stock and assigned a target price range of between $69 and $89 to it.
