Versor Investments LP increased its position in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 66.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 25,658 shares of the technology retailer’s stock after purchasing an additional 10,251 shares during the quarter. Versor Investments LP’s holdings in Best Buy were worth $1,717,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in BBY. Woodline Partners LP boosted its stake in shares of Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after purchasing an additional 4,701 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after buying an additional 7,288 shares in the last quarter. Ieq Capital LLC lifted its holdings in Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after buying an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after buying an additional 76,102 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, CEO Corie S. Barry sold 42,869 shares of the business’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 transaction of $2,744,473.38. Following the completion of the transaction, the chief executive officer owned 523,138 shares in the company, valued at $33,491,294.76. The trade was a 7.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jason J. Bonfig sold 6,336 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the sale, the executive vice president directly owned 79,137 shares of the company’s stock, valued at $5,066,350.74. The trade was a 7.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 77,247 shares of company stock worth $4,945,353. Insiders own 0.59% of the company’s stock.
Best Buy Trading Down 3.0%
Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. During the same quarter in the previous year, the business posted $2.58 EPS. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.
Best Buy Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were issued a $0.96 dividend. The ex-dividend date was Tuesday, March 24th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.7%. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio (DPR) is 76.19%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the stock. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. Truist Financial decreased their price objective on shares of Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a report on Tuesday, March 3rd. DA Davidson set a $78.00 price objective on shares of Best Buy in a report on Thursday, March 5th. Guggenheim reiterated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a report on Wednesday, March 4th. Finally, Jefferies Financial Group decreased their price objective on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a report on Monday, February 9th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus target price of $71.75.
View Our Latest Analysis on BBY
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.
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